Buhari: Nigerian Oil Marketers Announce Petrol Price Reduction In Honour Of Late President

Petroleum product marketers in Nigeria have officially announced a reduction in the prices of premium motor spirit (petrol) effective today, Tuesday. This price cut arrives as the nation observes a public holiday declared by the federal government to honor former President Muhammadu Buhari.

Abubakar Maigandi, the national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), shared this update with DAILY POST in an interview on Monday. The decision to lower petrol prices follows a meeting held by IPMAN members in Abuja, where they responded to a recent decrease in the ex-depot price set by Dangote Refinery, cutting it from N840 to N820 per litre.

Maigandi explained that the majority of IPMAN members have agreed to adjust their retail petrol prices downward starting today. Specifically, petrol prices in Abuja will range from N900 to N920 per litre, a decrease from the previous rates of N905 to N945.

“We met on Monday and resolved to reduce the petrol price to between N900 and N920 per litre for our members in Abuja and the North Central region,” he stated. “Additionally, our members in other areas of the country will be selling at approximately N860 to N890 per litre.”

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Maigandi noted that this price reduction has been met with approval from the public, as Nigerians appreciate the recent declines in fuel prices.

This announcement coincides with a public holiday honoring former President Buhari, who will be laid to rest today in Daura, Katsina State, following his passing in London on July 14, 2025.

IPMAN had signaled potential price decreases last week, following a previous announcement from Dangote Refinery regarding its own reductions. Remarkably, the 650,000-barrel-per-day refinery has cut its fuel prices twice within July alone, citing the benefits of liberalizing the downstream oil sector.

The overall reduction in fuel prices aligns with a drop in global crude oil prices, which have fallen to $69.10 and $66.98 per barrel for Brent and West Texas Intermediate crude futures, respectively, from figures above $70.