Fuel Prices Drop by N125 Per Litre Across Nigeria

(Fuel. Photo by Premuim Times)

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has disclosed that filling stations across the country have reduced fuel prices by N125 per litre over the past three weeks, following a cut in the gantry price of the Dangote Refinery.

This was disclosed in an interview published on Monday.

It will be recalled that the Federal Government had earlier invited downstream petroleum sector stakeholders, including the Dangote Refinery, depot owners, and marketers, for talks on cost-reflective fuel pricing amid a drop in global crude oil prices.

The government had insisted on a further reduction in petrol prices alongside cost-reflective pricing across the sector.

Speaking after the meeting, the association’s spokesperson said that, in line with the position taken by Dangote Refinery and depot owners, its members had been progressively lowering fuel prices over the past three weeks.

According to him, fuel prices at filling stations have dropped significantly, now ranging between N1,155 and N1,299 per litre, down from a previous price of N1,340.

He noted that fuel prices are expected to decline further, describing this as the major agreement reached at the meeting, with both the Dangote Refinery and depot owners assuring Nigerians of continued price reductions. He confirmed that prices had already been reduced by N125 per litre nationwide.