Nigerian petroleum products marketers have announced a reduction of premium motor spirit prices, starting from today, Tuesday.

This comes as the economy shuts down today owing to the public holiday declared by the federal government to honour ex-president Muhammadu Buhari.

The national president of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, disclosed this to the News men on Monday.

According to him, the decision to cut the petrol price comes after members of IPMAN held a meeting in Abuja on Monday in response to Dangote Refinery’s ex-depot price drop to N820 per litre from N840.

Maigandi noted that most of its members have agreed to review their retail price of petrol downward from Tuesday.

Specifically, Maigandi said IPMAN members in Abuja will, from Tuesday, dispense petrol between N900 and N920 per litre, down from N905 and N945.

“We met on Tuesday and agreed to reduce petrol price to between N900 and N920 per litre for our members in Abuja, north central.

“Similarly, our members in some other parts of the country will be selling below around N860 and N890 per litre.

“Nigerians are happy because there has been a reduction in the price of fuel in the past weeks,” he said

The development coincides with a public holiday declared by the federal government to honour Buhari, who will receive a statewide burial on Tuesday in Daura, Katsina State, following his death in London on Sunday, July 14th, 2025.

IPMAN had earlier hinted at a fuel price reduction last week.

Recall that Dangote Refinery barely a week ago had announced a reduction in its fuel ex-depot pump price to N820 from N840 per litre.

UGAMATV reports that the 650,000-barrel-per-day reduction in fuel prices has occurred twice in July alone.

Petrol marketers have attributed the petrol price reduction by Africa’s largest refinery to the gains of liberalizing the downstream sector.

The reduction comes amid falling global crude oil prices, which stood at $69.10 and $66.98 per barrel for Brent and West Texas Intermediate crude futures as of the time of filing the report on Monday, from above $70.