The Independent Petroleum Marketers Association of Nigeria (IPMAN) has announced that the price of Premium Motor Spirit (PMS) could fall further to N800 per litre in the coming days.

IPMAN spokesperson, Chinedu Ukadike, told DAILY POST that the collaboration between petroleum marketers and Dangote Refinery is driving the expected price drop. Currently, petrol sells for between N875 and N910 per litre in Lagos and Abuja.

“With partnership between petroleum marketers and Dangote Refinery, petrol prices may crash further from the current average of N875 to N910 per litre in Lagos and Abuja,” Ukadike said.

He urged Dangote Refinery to ensure uniform pricing for all marketers, similar to the rates offered to MRS filling stations and the Nigerian National Petroleum Company. “Whatever yardstick Dangote Refinery is using to sell to NNPC, MRS, and others, they should apply the same for all marketers,” Ukadike emphasized.

He explained that fuel pricing is now determined by market forces, not government regulation. “Price modulation is no longer done by the government but by demand and supply.

Now that petrol is nosediving to N800 per litre, the volume of consumption will go high because motorists who demand it will increase,” he said.

Dangote Refinery and its retail partners recently reduced fuel prices to N875 and N895 per litre in Lagos and Abuja, signaling a trend towards more affordable fuel for Nigerian motorists.