Filling stations in the Federal Capital Territory on Friday adjusted the pump price of fuel downward after the Federal Government suspended the implementation of a 15 per cent import duty on petrol and diesel.
Ranoil and Empire filling stations reduced petrol pump prices from N955 to N940 and N949 per litre, respectively, slashing fuel price by between N6 and N15 per litre.
Spokesperson of Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, attributed the price drop to the Federal Government’s suspension of its planned 15 percent import duty on petrol.
“Yes, petrol price will drop further,” he said.
Ukadike noted that the anxiety associated with the planned 15 per cent import duty on petrol had been eased following the tariff suspension.
Federal Government had 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 in November, the Nigerian National Petroleum Company Limited had reduced its fuel pump price to 945 per litre in Abuja.
Consequently, most filling stations are now selling fuel between N940 and N955 per litre in Abuja and its environs.
Meanwhile, the ex-depot price of petrol at Dangote Refinery stood at N856 per litre, and depot owners such as Aiteo (N854), NIPCO (N858) and Pinnacle (N858).
