The Digest:
Nigerian marketers have reduced fuel prices, starting Tuesday, following a drop in Dangote Refinery’s ex-depot prices. The price reduction aligns with the federal government's public holiday to honor the late President Muhammadu Buhari, who passed away on July 14, 2025.
Key Points:
- The Independent Petroleum Marketers Association of Nigeria (IPMAN) announced a price cut after Dangote Refinery reduced its ex-depot price to N820 per litre.
- Petrol prices in Abuja will now be between N900 and N920 per litre, down from N905 and N945, while other regions will have prices ranging from N860 to N890 per litre.
- The price reduction coincides with the public holiday declared by the federal government to honor the late president Buhari.
- The fuel price adjustment follows a decline in global crude oil prices, with Brent crude standing at $69.10 per barrel.
- The public holiday also marks the start of funeral proceedings for the former president, who will be laid to rest in Daura, Katsina State.
- Nigerians have welcomed the reduction in fuel prices, citing the positive impact on their purchasing power.
The reduction in fuel prices by Nigerian marketers, amidst a nationwide shutdown to honor the late Buhari, highlights a significant shift in the nation's fuel pricing dynamics. This change, while tied to Buhari's memorial, may provide short-term relief to Nigerians amid economic challenges.
Sources: Daily Post, Business Insider, Tribune Online
