Flling stations reduce fuel price after FG's 15% import duty suspension

Nigerian filling stations in the Federal Capital Territoryon Friday have adjusted the premium motor spirit pump price downward after thefederal government suspended the implementation of a 15 per cent import duty onpetrol and diesel. Ranoil and Empire filling stations on Friday reduced petrolpump prices to N940 and N949 per litre, respectively, down from N955. This means that the Nigerian filling stations’ fuel pricedrops by between N6 and N15 per litre. The Spokesperson of Independent Petroleum MarketersAssociation of Nigeria, Chinedu Ukadike, linked the price drop to the Nigeriangovernment suspension of its planned 15 percent import duty on petrol. “Yes, petrol price will drop further,” he said in aninterview. According to him, the anxiety associated with the planned 15per cent import duty on petrol has been eased following the tariff suspension. The Nigerian government announced the suspension of theplanned 15 per cent tariff that would have given Dangote Refinery an edge inthe country’s downstream sector with the potential to increase fuel prices. Earlier this month, the Nigerian National Petroleum CompanyLimited had reduced its fuel pump price to 945 per litre in Abuja. Most filling stations are nowselling fuel between N940 and N955 per litre in Abuja and its environs. Meanwhile, the ex-depot price of petrol at Dangote Refinerystood at N856 per litre, and depot owners such as Aiteo (N854), NIPCO (N858)and Pinnacle (N858).

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