Nigeria petrol price drop delivers long-awaited relief to motorists as independent marketers reduce PMS rates nationwide following Dangote’s bold price move

[dropcap]T[/dropcap]he Nigeria petrol price drop has brought long-awaited relief to drivers across the country.

Also read: Dangote petrol price reduction offers emotional relief amid economic strain

Motorists have expressed joy as independent petroleum marketers slashed pump prices in response to a recent cut in ex-depot costs by Dangote Refinery.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed the adjustment on Wednesday.

He explained that the change was in direct response to a reduction in Dangote Refinery’s ex-depot price of Premium Motor Spirit (PMS), which dropped to N840 per litre from N880.

In Northern Nigeria, including the Federal Capital Territory, petrol is now being sold between N930 and N940 per litre. Previously, the same product was sold at much higher rates, often reaching between N945 and N975.

“Our members have reduced petrol prices today following Dangote Refinery’s ex-depot price drop,” Maigandi told reporters, noting the positive response from customers.

In Lagos, petrol prices have fallen to N890 per litre. This is a noticeable reduction from earlier levels of N925. Meanwhile, consumers in the South-East are seeing prices ranging from N950 to N960 per litre.

Filling stations such as Empire Energy and Raniol, located in the Gwarimpa area of Abuja, have already implemented the new pricing structure.

Empire Energy adjusted its rate to N955, while Raniol now sells at N945. These revised prices are significant when compared to Monday’s figures, reflecting a clear downward trend.

Despite the cuts by independent marketers, prices at MRS stations and NNPC retail outlets in Abuja have so far remained the same.

Consumers are hoping that these major players will also follow suit in the coming days to ensure uniformity in pricing across the sector.

The Nigeria petrol price drop has sparked hope among Nigerians who have struggled with high energy costs in recent months.

The move is expected to ease the burden on transport operators, commercial businesses, and families who depend heavily on petrol for daily activities.

According to industry observers, the price drop may influence inflation trends if sustained. Fuel costs have long been a driving factor behind rising living expenses in Nigeria, and any reduction is viewed as a step in the right direction.

“I could not believe my eyes when I saw N945 on the pump this morning,” said Musa Ahmed, a taxi driver in Abuja. “It is the first time in weeks I am filling my tank without feeling completely helpless.”

The development is being closely watched by economists and government agencies alike, as it could signal greater market responsiveness and competition among suppliers.

More importantly, it reflects the impact of local refining capacity and the influence of Dangote Refinery, which is emerging as a significant player in Nigeria’s downstream oil sector.