Petroleum industry stakeholders, including Dangote Refinery, depot owners and fuel marketers, have agreed to further reduce the pump price of Premium Motor Spirit (PMS) following a meeting with the Federal Government in Abuja.
CDA News Nigeria reports that the meeting, convened by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), focused on ensuring cost-reflective fuel pricing in line with the recent decline in global crude oil prices.
The Chief Executive of the NMDPRA, Rabiu Umar, maintained that petrol prices should continue to fall as Brent crude trades around $72 per barrel. He urged operators across the downstream value chain to reflect the lower crude prices in their retail pump prices.
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed that marketers are committed to reducing petrol prices further.
However, both industry leaders stressed that marketers cannot be compelled to sell fuel below cost, noting that international crude oil prices and other market dynamics continue to influence domestic pricing.
According to the stakeholders, if crude oil prices remain stable or decline further, the pump price of petrol could fall to around ₦1,000 per litre or below in the coming weeks.
CDA News Nigeria gathered that Dangote Refinery, the Nigerian National Petroleum Company Limited (NNPC Ltd.), and several independent marketers have already reduced petrol prices by over ₦100 per litre in recent weeks.
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