Nigerian fuel stations in the Federal Capital Territory reduced petrol prices on Friday following the federal government’s suspension of the 15% import duty on petrol and diesel.
Ranoil and Empire filling stations on Friday reduced petrol pump prices to N940 and N949 per litre, respectively, down from N955. This marks a drop of between N6 and N15 per litre at Nigerian filling stations.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, attributed the recent petrol price reduction to the government’s suspension of the proposed 15% import duty on fuel. “Yes, petrol prices are expected to fall even further,” he said in an interview.
According to him, the anxiety over the planned 15% import duty on petrol has eased following the government’s suspension of the tariff. The move was intended to prevent Dangote Refinery from gaining an advantage in the country’s downstream sector, which could have driven up fuel prices. Earlier this month, the Nigerian National Petroleum Company Limited reduced the fuel pump price to ₦945 per litre in Abuja.
Most filling stations in Abuja and its surroundings are now selling petrol at prices ranging from N940 to N955 per litre. Meanwhile, the ex-depot price of fuel at Dangote Refinery is N856 per litre, with other depot owners such as Aiteo, NIPCO, and Pinnacle pricing theirs at N854, N858, and N858 per litre, respectively.