The Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that its members will begin implementing the latest fuel‑price reduction on Tuesday, following a cut in the gantry price announced by Dangote Refinery. IPMAN spokesperson Chinedu Ukadike said Nigerians can expect to feel the impact of the reduction in the coming days. Dangote Refinery recently lowered its gantry price by N129, from N828 to N699 per litre, and owner Aliko Dangote stated that, with this cut, Nigerians should be paying around N740 per litre for petrol. Ukadike echoed this sentiment, noting that the effects of the price reduction will become apparent from Tuesday and into the following week.
The move comes amid a renewed feud between Dangote and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) CEO, Farouk Ahmed. Ukadike emphasized the need for collaboration between the two parties to ensure a steady supply of petroleum products and enable Nigerians to benefit from the lower price.
A market survey conducted on Monday showed that some filling stations in Abuja have already adjusted their prices. Bovas filling station in Wuse Zone 6 reduced its retail fuel price to N865 per litre, down from N910 earlier in the day. Other stations, including Empire Energy and Ranoil, lowered their prices to N912 and N910 per litre, respectively. As of Monday night, Nigerian National Petroleum Company Limited (NIPCO) and AA Rano filling stations in Abuja were selling petrol at N915, N905, and N910 per litre. The MRS retail price remained unchanged at N910 per litre but is expected to decrease from Tuesday.
The implementation of the fuel‑price reduction is a welcome development for Nigerians, who have been grappling with high fuel costs. As petroleum marketers adjust their prices, consumers can expect some relief in the coming days. The lower fuel prices are also expected to have a positive impact on the overall economy by reducing transportation costs and boosting demand for goods and services.
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