Jubilation as Fuel price reduces

News Update

Fuel stations in Abuja on Friday 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 N940 per litre, while Empire adjusted to N949 per litre, both coming down from N955.

Many other stations across Abuja and nearby areas are selling between N940 and N955 per litre, showing a drop of about N6 to N15 depending on the station.

The Independent Petroleum Marketers Association of Nigeria 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 Dangote Refinery and possibly raised nationwide pump prices.

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Before this latest drop, the Nigerian National Petroleum Company Limited had already reviewed its own rate to N945 per litre in Abuja.

At the wholesale level, the ex-depot price at Dangote Refinery stood at N856 per litre, while depots such as Aiteo sold at N854, and NIPCO and Pinnacle offered theirs at N858 per litre.