The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced plans to lower the pump price of Premium Motor Spirit (PMS), also known as petrol, following a recent reduction in the ex-depot price by Dangote Refinery.
Dangote Refinery recently reduced its ex-depot rate from ₦840 to ₦820 per litre. Speaking on the development, IPMAN President Abubakar Maigandi said the association intends to reflect this new price across its member outlets in an effort to ease the financial burden on consumers.
“In response to the price adjustment by Dangote or any refinery, our members will also review their pump prices. We will make an official announcement on Monday,” Maigandi stated.
Currently, petrol prices in Abuja vary depending on the marketer. Outlets associated with Dangote—such as AP, Ardova, and MRS—are selling petrol at ₦905 per litre. Others like NNPC, NIPCO, AA Rano, and Shema offer it for around ₦910, while some independent marketers, including Ranoil, Empire Energy, and Total Emadeb, are selling for up to ₦945 per litre.
This development is part of the growing influence of Dangote Refinery in Nigeria’s downstream oil market. The refinery, with a daily capacity of 650,000 barrels, began distributing fuel locally earlier this year. The price adjustment is expected to bring some relief to Nigerians struggling with high living expenses, particularly after the removal of fuel subsidies and recent volatility in the foreign exchange market.
In a major step toward energy self-sufficiency, the refinery plans to source all its crude oil from within Nigeria by the end of 2025. Devakumar Edwin, Executive Vice President at Dangote Industries, told Bloomberg that existing contracts for foreign crude will be phased out, paving the way for complete reliance on domestic supply.
This shift is expected to cut Nigeria’s dependence on imported refined products, minimize supply chain disruptions, and curb corruption within the sector. Since operations began, the refinery has made Nigeria a net exporter of diesel, aviation fuel, and petrol. However, in its early phase, it supplemented domestic crude with imports from countries like Ghana, Angola, Equatorial Guinea, and Brazil.
Speaking on the refinery’s potential, Samuel Oyekanmi, a research analyst at Norrenberger Financial Group, said the project holds long-term economic benefits. However, he added that the full impact on the economy will take time to manifest.
