Filling stations in the Federal Capital Territory (FCT), on Friday, adjusted their petrol pump price downward after the Federal government suspended the implementation of a 15 per cent import duty on petrol and diesel.
Reports said that Ranoil and Empire filling stations, on Friday, reduced petrol pump prices to N940 and N949 per litre, respectively, down from N955.
That means the filling stations’ fuel price drops by between N6 and N15 per litre.
Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, linked the price drop to the government’s suspension of its planned 15 percent import duty on petrol.
“Yes, petrol price will drop further,” he reportedly said.
According to him, the anxiety associated with the planned 15 per cent import duty on petrol has been eased following the tariff suspension.
The Federal government 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 this month, the Nigerian National Petroleum Company Limited (NNPCL) reduced its petrol pump price to 945 per litre in Abuja.
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 in Dangote Refinery stand at N856 per litre, and depot owners such as Aiteo (N854), NIPCO (N858) and Pinnacle (N858).