Fuel stations in Abuja yesterday reduced the pump price of petrol after the Federal Government stopped the planned 15% import duty on petrol and diesel.
The price change involved stations such as Ranoil and Empire, which adjusted their rates because the suspended duty removed the fear of an extra charge that would have raised the cost of fuel.
Ranoil now sells petrol at ₦940 per litre, while Empire adjusted to ₦949 per litre, both coming down from ₦955.
According to reports, many other stations across Abuja and nearby areas are selling between ₦940 and ₦955 per litre, showing a drop of about ₦6 to ₦15, depending on the station.
The Independent Petroleum Marketers Association of Nigeria, (IPMAN), linked the reduction to the government’s decision, noting that marketers had been worried about the planned duty.
With the tariff on hold, the pressure that would have pushed prices up has eased.
The government earlier explained that the suspended 15% duty would have shifted the advantage to ÆŠangote Refinery and possibly raised nationwide pump prices.
Before this latest drop, the Nigerian National Petroleum Company Limited (NNPCL) had already reviewed its own rate to ₦945 per litre in Abuja.
At the wholesale level, the ex-depot price at Ɗangote Refinery stood at ₦856 per litre, while depots such as Aiteo sold at ₦854, and NIPCO and Pinnacle offered theirs at ₦858 per litre.
