Nigerian Fuel Prices Drop as Government Suspends 15% Import Duty on Petrol

Fuel prices in Nigeria have fallen at several filling stations in the Federal Capital Territory following the federal government’s suspension of a planned 15% import duty on petrol and diesel. The move eases concerns over rising fuel costs and boosts affordability for motorists.

On Friday, Ranoil and Empire stations reduced petrol pump prices to N940 and N949 per litre, down from N955, marking a drop of between N6 and N15 per litre. The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed the reduction and linked it directly to the government’s suspension of the import duty.

Chinedu Ukadike, IPMAN spokesperson, said the suspension alleviated anxieties around the previously planned tariff, which critics argued would have given Dangote Refinery an advantage in the downstream sector and driven up fuel prices.

Earlier this month, the Nigerian National Petroleum Company Limited had adjusted petrol prices in Abuja to N945 per litre. Currently, most filling stations in the capital sell fuel between N940 and N955 per litre.

Meanwhile, ex-depot prices remain lower, with Dangote Refinery at N856 per litre, and other depot operators such as Aiteo, NIPCO, and Pinnacle pricing petrol at N854 to N858 per litre.

The suspension of the 15% import duty represents a significant relief for Nigerian consumers, providing immediate savings and reducing the cost burden on households and businesses across the country.