Fuel prices drop as FG shuts down economy to honour Buhari

Nigerian petroleum marketers have slashed the pump price of petrol following a drop in ex-depot prices by Dangote Refinery, coinciding with the public holiday declared by the Federal Government in honour of former President Muhammadu Buhari.

The Independent Petroleum Marketers Association of Nigeria, IPMAN, announced on Monday that its members would begin implementing the new price regime from Tuesday, July 15.

National President of IPMAN, Abubakar Maigandi, told DAILY POST that the adjustment followed a meeting held in Abuja after Dangote Refinery reduced its ex-depot price from N840 to N820 per litre.

“From Tuesday, our members in Abuja and North-Central will be selling between N900 and N920 per litre, down from the previous N905 to N945,” Maigandi said. “Other regions may sell between N860 and N890 depending on location and logistics.”

He added that the move has been well received by Nigerians, who have been witnessing a gradual reduction in fuel prices in recent weeks.

The price cut comes as Nigeria observes a nationwide shutdown on Tuesday, declared by the federal government to mark a public holiday in honour of Buhari, who passed away in London on Sunday. The former president is scheduled to be buried in his hometown, Daura, Katsina State.

IPMAN had earlier hinted at a price reduction, while Dangote Refinery has slashed prices twice this month alone, a development industry stakeholders attribute to the ongoing liberalization of the downstream sector.

As of Monday, global crude oil prices had fallen, with Brent trading at $69.10 per barrel and West Texas Intermediate at $66.98, both down from earlier highs above $70.