Petrol Price Reduction: Nigerian Marketers slash Prices ahead of Public Holiday

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Nigerian petroleum products marketers have announced a reduction in premium motor spirit prices, effective Tuesday, as the country observes a public holiday to honor ex-president Muhammadu Buhari. The Independent Petroleum Marketers Association of Nigeria (IPMAN) disclosed this in a statement on Monday.

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According to Abubakar Maigandi, IPMAN’s national president, members agreed to review their retail price of petrol downward following a meeting in Abuja on Monday. “We met on Monday and agreed to reduce petrol price to between N900 and N920 per litre for our members in Abuja, north central,” Maigandi said. He added that members in other parts of the country will make similar adjustments, with prices ranging between N860 and N890 per litre

The decision to cut petrol prices comes after Dangote Refinery reduced its ex-depot price to N820 per litre from N840. Maigandi noted that Nigerians are happy about the reduction in fuel prices in recent weeks. The development coincides with a public holiday declared by the federal government to honor Buhari, who will receive a statewide burial on Tuesday in Daura, Katsina State.

The reduction in petrol prices comes amid falling global crude oil prices, which stood at $69.10 and $66.98 per barrel for Brent and West Texas Intermediate crude futures, respectively. Petrol marketers have attributed the price reduction to the gains of liberalizing the downstream sector.

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