Nigerian fuel marketers have decided to lower the cost of petrol, starting from Tuesday, July 15.

This decision comes as the Nigerian government shuts down operations for the day due to a public holiday declared in honour of the late former President Muhammadu Buhari.

Abubakar Maigandi, who leads the Independent Petroleum Marketers Association of Nigeria (IPMAN), shared this news during an interview on Monday.

He explained that IPMAN members met in Abuja to discuss the latest price change from Dangote Refinery. The refinery had dropped its petrol price from N840 to N820 per litre.

Following this meeting, most IPMAN members agreed to reduce the price they sell petrol to customers starting Tuesday.

In Abuja, for instance, petrol will now sell between N900 and N920 per litre, which is lower than the previous range of N905 to N945.

Maigandi added that other parts of Nigeria will also see a drop in petrol prices, with some marketers planning to sell it between N860 and N890 per litre.

He mentioned that Nigerians are glad to see the petrol price falling in recent weeks.

This price cut happens on the same day Nigeria is observing a public holiday to honour Buhari, who passed away on Sunday, July 14, 2025. He will be buried on Tuesday in his hometown, Daura, Katsina State.

IPMAN had already hinted last week that fuel prices might drop soon.

This follows an earlier announcement by Dangote Refinery that it would reduce its ex-depot fuel price to N820 per litre.

So far in July, Dangote Refinery — which produces 650,000 barrels daily — has dropped petrol prices twice.

Fuel marketers say these cuts are possible because the government allowed the downstream sector to operate freely.

Also, global oil prices have been falling, which has contributed to the recent petrol price reduction. On Monday, Brent and West Texas crude futures dropped to $69.10 and $66.98 per barrel, both below the $70 mark.