Fuel prices at Nigerian petrol stations have dropped by N125 per litre over the past three weeks, the Independent Petroleum Marketers Association of Nigeria said on Monday. The reduction followed a cut in the Dangote Refinery's wholesale price for petrol.
The federal government had convened talks with major players in the downstream petroleum sector, including Dangote Refinery, depot owners and marketers, to discuss cost-reflective pricing as crude oil prices fell. Government officials pressed for further price cuts and pricing aligned with actual costs.
After the meeting, Maigandi, the IPMAN spokesperson, confirmed that his members have been steadily cutting prices for three weeks. Current retail prices now range between N1,155 and N1,299 per litre, down from N1,340, he told reporters.
"Fuel prices will go down further; that was our major agreement," Maigandi said. Both Dangote Refinery and depot owners have pledged additional reductions to Nigerians, he added.
"Presently, we have reduced it by N125 per litre nationwide," he told journalists in an interview. The price cuts reflect commitments made during the government-led stakeholder meeting.
