IPMAN Says Petrol Prices Could Drop Soon, So Nigerians Have Started Praying With Their Fuel Caps

Good news, Nigerians. Petrol prices could soon come down. Yes, come down.

The same petrol that has recently climbed to around ₦1,310–₦1,345 per litre in parts of Abuja may soon decide that perhaps it has been doing too much. The Independent Petroleum Marketers Association of Nigeria, IPMAN, says filling stations in the Federal Capital Territory could begin adjusting pump prices downward in the coming days as new products enter the market.

But please, nobody should celebrate yet.

Because Nigerians have been here before.

Every time somebody says “fuel price will reduce,” people immediately start calculating how much their generator will finally cost to feed. You will see somebody who normally buys ₦5,000 fuel suddenly saying, “I think I will fill the tank this weekend.”

My brother, calm down.

According to IPMAN’s National Publicity Secretary, Chinedu Ukadike, marketers are preparing to review their prices once fresh products begin arriving. The exact timing is still uncertain, but he says the adjustment could start within days, depending on when the new supply process officially begins.

And that uncertainty is exactly where Nigerian optimism becomes dangerous.

Because “in the coming days” is one of those phrases Nigerians understand very well. It can mean tomorrow. It can mean next week. It can also mean “please continue managing it.”

The announcement comes after Dangote Refinery recently increased its ex-depot petrol price several times, moving from ₦1,165 to ₦1,185, then ₦1,200 and eventually ₦1,265 per litre within a week. Naturally, the increases found their way to filling stations.

Now marketers are talking about bringing prices down.

This is where Nigerians have become economists without certificates.

We now know about gantry prices, crude oil prices, exchange rates, logistics, depot costs and supply chains. Ask the average Nigerian what “ex-depot” means and he may not know the textbook definition, but he knows exactly what happens when it increases: his transport fare follows it like a loyal apprentice.

So yes, petrol may soon become cheaper.

But Nigerians are not asking for miracles anymore.

Just reduce the price first. We will celebrate after we confirm the filling station didn't “forget” to reduce theirs.