Filling stations nationwide in Nigeria have reduced fuel prices by between N6 and N15 per liter after the government suspended a 15% import duty on petrol and diesel. Ranoil and Empire filling stations have reduced their petrol prices to N940 and N949 per liter, respectively, down from N955.
Most filling stations in Abuja and its environs are now selling fuel between N940 and N955 per liter, following the Nigerian National Petroleum Company Limited’s recent price reduction to N945 per liter. The ex-depot price of petrol at Dangote Refinery stands at N856 per liter, while other depot owners like Aiteo, NIPCO, and Pinnacle are selling at N854, N858, and N858 per liter, respectively.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, says petrol prices are likely to drop further, “Yes, petrol price will drop further,” he told reporters in an interview easing anxiety surrounding the potential price increase.
The government’s suspension of the 15% import duty aims to support local refining and boost energy security, while also protecting consumers from potential price hikes. This move is expected to have a positive impact on the economy and consumers alike.
