Breaking: Nigerian Filling Stations Slash Fuel Prices Following 15% Import Duty Suspension

Nigerian filling stations in the Federal Capital Territory on Friday have adjusted the premium motor spirit pump price downward after the federal government suspended the implementation of a 15 per cent import duty on petrol and diesel.

DAILY POST reports that Ranoil and Empire filling stations on Friday reduced petrol pump prices to N940 and N949 per litre, respectively, down from N955.

This means that the Nigerian filling stations’ fuel price drops by between N6 and N15 per litre.

The Spokesperson of Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, linked the price drop to the Nigerian government suspension of its planned 15 percent import duty on petrol.

“Yes, petrol price will drop further,” he told DAILY POST in an interview.

According to him, the anxiety associated with the planned 15 per cent import duty on petrol has been eased following the tariff suspension.

DAILY POST reports that the Nigerian government announced the suspension of the planned 15 per cent tariff that would have given Dangote Refinery an edge in the country’s downstream sector with the potential to increase fuel prices.

Earlier this month, the Nigerian National Petroleum Company Limited had reduced its fuel pump price to 945 per litre in Abuja.

DAILY POST reports that most filling stations are now selling fuel between N940 and N955 per litre in Abuja and its environs.

Meanwhile, the ex-depot price of petrol at Dangote Refinery stood at N856 per litre, and depot owners such as Aiteo (N854), NIPCO (N858) and Pinnacle (N858).