Nigerian Marketers Slash Fuel Prices as FG Declares Public Holiday to Honour Late President Buhari

In a recent update that has caught the attention of many Nigerians, petroleum product marketers across the country have officially reduced the pump price of premium motor spirit (PMS), commonly known as petrol, starting from today, Tuesday.

This price adjustment coincides with the federal government’s declaration of a national public holiday to pay respect to the late former President Muhammadu Buhari. The former president passed away in London on Sunday, July 14th, 2025, and will be laid to rest on Tuesday in Daura, Katsina State.

Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed this development in an exclusive interview with LMSINT MEDIA on Monday. He stated that the price reduction decision was reached after a strategic meeting of IPMAN members in Abuja on Monday.

Maigandi explained that the move was prompted by Dangote Refinery’s recent adjustment of its ex-depot price, reducing it from N840 to N820 per litre. This refinery, noted as Africa’s largest, has now lowered the fuel price twice in July 2025 alone.

As a result, IPMAN members have committed to lowering their pump prices beginning today. Specifically, petrol will now be sold in Abuja between N900 and N920 per litre, a reduction from the previous rates of N905 to N945 per litre.

In Maigandi’s words:

“We convened on Tuesday and collectively agreed to cut the petrol price to between N900 and N920 per litre for our Abuja and north-central zone members. Similarly, in other regions across Nigeria, our members will adjust prices downward to between N860 and N890 per litre.”

The reduction in fuel prices has been widely welcomed by Nigerians, who have seen a gradual decrease in petrol costs over the past few weeks. This trend is also supported by the broader economic conditions, including a significant drop in global crude oil prices. As of Monday, Brent Crude traded at $69.10 per barrel, while West Texas Intermediate (WTI) stood at $66.98 per barrel, both declining from previous figures above $70 per barrel.

Furthermore, Maigandi emphasized that the continuous decrease in petrol prices is a direct benefit of the ongoing liberalization of Nigeria’s downstream petroleum sector. Marketers credit Dangote Refinery’s pricing decisions and the deregulated market for enabling such reductions, providing some economic relief to citizens during challenging times.

It’s worth noting that IPMAN had earlier hinted at an imminent petrol price slash, which aligns with Dangote Refinery’s earlier move to reduce its ex-depot price. This strategic pricing shift is expected to positively influence retail fuel costs nationwide, even as Nigeria grapples with other pressing economic challenges.