Fuel prices dropped across several filling stations in the Federal Capital Territory on Friday following the Federal Government’s suspension of the proposed 15 per cent import duty on petrol and diesel.
Ranoil and Empire filling stations were among the first to adjust their pump prices, reducing the cost of Premium Motor Spirit (PMS) to N940 and N949 per litre, respectively — down from the previous N955. The adjustment reflects a reduction of between N6 and N15 per litre across outlets in the FCT.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that the decline in pump price is directly tied to the government’s decision to suspend the import duty.
“Yes, petrol price will drop further,” Ukadike told Daily Post, explaining that anxiety within the downstream sector had eased immediately after the tariff suspension.
The federal government had earlier planned to introduce a 15 per cent import duty — a move widely criticised over fears that it would give Dangote Refinery a competitive advantage and trigger a further rise in fuel prices. The suspension was announced this week.
Earlier in November, the Nigerian National Petroleum Company Limited (NNPCL) had already reviewed its pump price downward to N945 per litre in Abuja.
As of Friday, most filling stations in Abuja and neighbouring areas now sell petrol between N940 and N955 per litre, according to field reports.
Meanwhile, ex-depot prices remain lower at major depots, with Dangote Refinery selling at N856 per litre, Aiteo at N854, and both NIPCO and Pinnacle at N858.