Breaking: Petrol Prices Drop as FG Suspends 15% Import Duty

By our Correspondent

Fuel stations across the Federal Capital Territory (FCT) on Friday reduced petrol pump prices following the Federal Government’s suspension of the planned 15 percent import duty on petrol and diesel.

Major marketers such as Ranoil and Empire filling stations cut their prices to N940 and N949 per litre, respectively, down from N955, reflecting reductions of N15 and N6 per litre.

Chinedu Ukadike, Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), attributed the price drop to the government’s suspension of the import duty. Speaking with journalists in Abuja, Ukadike said petrol prices are expected to continue declining, noting that the suspension has eased public concern over the proposed tariff.

However, the move has raised concerns that it could give Dangote Refinery an edge in the downstream sector and potentially lead to higher fuel costs in the future.

Earlier this month, the Nigerian National Petroleum Company Limited (NNPC) had already reduced petrol pump prices in Abuja to N945 per litre. Currently, most filling stations in Abuja and surrounding areas are selling fuel between N940 and N955 per litre.

At the depot level, petrol prices at Dangote Refinery are N856 per litre, while other depots, including Aiteo (N854), NIPCO (N858), and Pinnacle (N858), maintain similar rates.