The Independent Petroleum Marketers Association of Nigeria (IPMAN) says filling stations across the country have reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, by as much as ₦125 per litre over the past three weeks.

IPMAN National President, Abubakar Maigandi, disclosed this in an interview on Monday, attributing the price reduction to the recent cut in the gantry price of petrol by the Dangote Refinery.

The development follows a meeting convened by the Federal Government with key players in the downstream petroleum sector, including Dangote Refinery, depot owners and petroleum marketers, to discuss cost-reflective fuel pricing amid declining global crude oil prices.

According to Maigandi, stakeholders at the meeting agreed to continue reducing fuel prices in line with prevailing market realities.

He stated that the pump price of petrol at filling stations has dropped from about ₦1,340 per litre to between ₦1,155 and ₦1,299 per litre in different parts of the country.

Maigandi expressed optimism that petrol prices would decline further, noting that both Dangote Refinery and depot owners assured Nigerians of continued downward price adjustments.

He added that the reduction reflects the industry’s commitment to making fuel more affordable for consumers as market conditions improve.