Petrol Price Set to Drop as IPMAN Responds to Dangote Refinery’s Cost Reduction

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to lower the retail price of Premium Motor Spirit (PMS), popularly known as petrol, starting Monday, July 15, 2025. This move comes in response to Dangote Refinery’s recent decision to slash its ex-depot price from ₦840 to ₦820 per litre.

IPMAN’s National President, Alhaji Abubakar Maigandi, confirmed the development in an interview with PM News Nigeria on Friday, July 11. He explained that marketers who buy directly from depots are preparing to adjust their pump prices accordingly.

“Following the reduction in ex-depot price by Dangote Refinery, our members have agreed to reduce the pump price as well. An official announcement will be made on Monday,” Maigandi stated.

Currently, petrol prices in Abuja vary between ₦905 and ₦945 per litre depending on the station. Major outlets like NNPC, NIPCO, AA Rano, and Shema are selling at ₦910, while Dangote-linked stations such as AP Ardova and MRS offer it slightly cheaper at ₦905. Independent marketers like Ranoil, Empire Energy, and Total Emadeb are selling at higher rates, reaching up to ₦945 per litre.

The planned price reduction is expected to offer some relief to consumers amid ongoing economic hardship and high living costs, which have worsened since the removal of fuel subsidies and fluctuations in foreign exchange rates. The adjustment may also ease pressure on transportation and distribution sectors across the country.

This move highlights the increasing influence of the 650,000 barrels-per-day Dangote Refinery on Nigeria’s downstream oil sector. Since it began local fuel distribution earlier this year, the refinery has steadily reshaped market pricing by offering a local, more affordable alternative to imported refined products.