By Joshua Tosin Ogunsakin 
Nigerian filling stations in the Federal Capital Territory (FCT) on Friday reduced the pump price of premium motor spirit (PMS) after the federal government suspended plans to implement a 15 per cent import duty on petrol and diesel.
According to Daily Post, Ranoil and Empire filling stations lowered their petrol prices to N940 and N949 per litre, respectively, down from N955. This represents a reduction of between N6 and N15 per litre across various outlets.
The Spokesperson of Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, linked the price drop to the government’s decision to suspend the import duty.
“Yes, petrol price will drop further,” he told Daily Post in an interview.
Ukadike added that the suspension has eased the anxiety previously caused by the planned 15 per cent tariff on petrol.
The Federal Government had announced the suspension of the proposed import duty, which would have given Dangote Refinery a competitive advantage in the downstream sector and had the potential to raise fuel prices.
Earlier in November, the Nigerian National Petroleum Company Limited (NNPC) had adjusted its fuel pump price to N945 per litre in Abuja. Reports from Daily Post indicate that most filling stations in the capital and surrounding areas are now selling petrol between N940 and N955 per litre.
At the depot level, petrol at Dangote Refinery was selling at N856 per litre, while other depot owners such as Aiteo (N854), NIPCO (N858) and Pinnacle (N858) maintained their prices.