BREAKING: Nigerian filling stations reduce fuel price after 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.

SOCIETY WATCH 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 SOCIETY WATCH 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.

SOCIETY WATCH 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.