Filling Station Owners Announce New Petrol Price in Lagos, Abuja, Other States

• Filling station owners are set to adjust their petrol prices across the country, especially in Lagos and Abuja
• Independent Petroleum Marketers Association of Nigeria (IPMAN) members held a meeting and concluded on new prices
• They expect that the reduction in pump prices will provide relief for consumers and support wider market stability

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Petroleum products marketers have announced a reduction in the price of premium motor spirit (PMS), effective from today, Tuesday, July 15.

This decision follows a meeting held by the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Abuja on Monday.

The national president of IPMAN, Abubakar Maigandi, confirmed that most members have agreed to revise their retail petrol prices downwards starting today.

According to Maigandi in Abuja, IPMAN members will now dispense petrol between N900 and N920 per litre, down from the previous range of N905 to N945.

Maigandi said:

"We met on Tuesday and agreed to reduce petrol prices to between N900 and N920 per litre for our members in Abuja and the North Central region."

He also revealed that in Lagos and other parts of the country, petrol will be sold in the price range of N860 to N890 per litre.

IPMAN members' station accounts for over 70% of the retail outlets nationwide.

IPMAN indicated plans to reduce fuel price

Legit.ng had earlier reported that IPMAN hinted at plans to reduce fuel prices, coinciding with Dangote Refinery's announcement of a decrease in its ex-depot pump price from N840 to N820 per litre.

Maigandi was quoted as saying:

"Whether Dangote Refinery or ex-depot petrol price, our members will also reduce. We will announce a fresh fuel price on Monday."

Ardova, MRS reduce fuel price

Last week, filling stations of major marketers such as Ardova and MRS Oil Nigeria, buying directly from Dangote refinery, reduced their fuel prices.

MRS in a message shared on X revealed that its petrol prices will sell for N865 per litre in Lagos, down from the previous N885.

In the South-West region, the price has been cut from N895 to N875, while consumers in the North-East will now pay N895 per litre instead of N915.

Similarly, the price in the North-West and Central regions has been reduced to N885 from N905, and in the South-South and South-East, the new price is N895 per litre, down from N915.

Kunle Adebayo, a commercial driver seen buying from the Ardova filling station at Egbeda, told Legit.ng:

"Yes, I can confirm that this is the cheapest. I drove from Ipaja just to buy here. All other filling stations were selling above N880 per litre. We hope other stations follow suit."

NNPC to sell off government refineries

Legit.ng also reported that Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), revealed that there is a strong consideration to sell some of its refineries.

The Nigerian government has spent billions of dollars to rehabilitate the refineries, but there are now doubts about whether they will function as intended.

The rehabilitation efforts have faced setbacks due to outdated infrastructure and underperforming technologies.

Source: Legit.ng