Nigerian filling stations in the Federal Capital Territory on Friday reduced the pump price of premium motor spirit following the federal government’s suspension of the planned 15 per cent import duty on petrol and diesel.
Ranoil and Empire filling stations lowered their petrol prices on Friday to N940 and N949 per litre respectively, down from N955.
This translates to a decrease in fuel prices by between N6 and N15 per litre at Nigerian filling stations.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, attributed the price reduction to the government’s suspension of the 15 per cent import duty on petrol.
“Yes, petrol price will drop further,” he said in an interview.
He explained that the concerns linked to the proposed 15 per cent import duty on petrol have been alleviated following the tariff suspension.
The Nigerian government had earlier announced the halt of the planned 15 per cent tariff, which would have given Dangote Refinery a competitive advantage in the downstream sector and potentially driven fuel prices higher.
Earlier this month, the Nigerian National Petroleum Company Limited reduced its fuel pump price to N945 per litre in Abuja.
Currently, most filling stations in Abuja and neighbouring areas sell fuel at prices ranging between N940 and N955 per litre.
Meanwhile, the ex-depot price of petrol at Dangote Refinery is N856 per litre, while depot owners such as Aiteo (N854), NIPCO (N858), and Pinnacle (N858) maintain similar rates.
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