In Nigeria, petroleum marketers and government stakeholders have been in talks to reduce fuel prices, aiming to ease the economic pressure on consumers. Marketers, particularly the Independent Petroleum Marketers Association of Nigeria (IPMAN), have been negotiating with the Dangote Refinery, hoping to finalize a supply arrangement that could lower fuel costs by increasing availability. IPMAN’s representatives expect that as the refinery’s production ramps up and more marketers receive direct allocations, this competition in distribution will help stabilize and potentially lower pump prices to around N700 per liter.

Additionally, the Nigerian National Petroleum Company Limited (NNPCL) has recently reduced its depot price for fuel sold to marketers, which has already started to create a slight reduction in market prices. However, due to limited allocation (around 1% of expected quantities), the immediate impact on retail prices is modest. As supply chains normalize and allocations increase, more significant price drops are expected.