Dangote Price Cut Pushes Fuel Prices Down by ₦125 Per Litre Nationwide — IPMAN
Independent petroleum marketers say the reduction follows Dangote Refinery’s cut in gantry prices, with Nigerians expected to enjoy further relief in the coming weeks.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) says petrol pump prices have dropped by ₦125 per litre nationwide over the past three weeks following the reduction in the gantry price of Premium Motor Spirit (PMS) by the Dangote Refinery.
IPMAN National President, Abubakar Maigandi, disclosed this while speaking with journalists on Monday after a meeting between the Federal Government and key stakeholders in the downstream petroleum sector.
The meeting, convened by the Federal Government, brought together representatives of Dangote Refinery, depot owners and petroleum marketers to discuss cost-reflective fuel pricing following the recent decline in global crude oil prices.
Maigandi said marketers had already begun implementing the price reduction, with petrol now selling for between ₦1,155 and ₦1,299 per litre in many filling stations across the country, down from about ₦1,340 per litre.
According to him, Nigerians should expect additional reductions in the coming weeks as stakeholders remain committed to making fuel more affordable.
“Fuel prices will go down further; that was our major agreement. Both Dangote Refinery and depot owners assured Nigerians,” Maigandi said.
He added, “Presently, we have reduced it by ₦125 per litre nationwide.”
The latest reduction comes amid the Federal Government’s push for cost-reflective fuel pricing, with authorities urging stakeholders to ensure that falling crude oil prices translate into lower pump prices for consumers.
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