Petrol Price Crash: Filling Stations Slash Pump Price After FG Suspends 15% Import Duty Full Details Inside

Fuel stations nationwide have reduced the pump price of Premium Motor Spirit after the Federal Government suspended the planned 15% import duty on petrol and diesel.

The suspension was confirmed on Thursday in a statement issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to the statement, signed by George Ene-Ita, Director of the Public Affairs Department, the government reassured Nigerians that there is sufficient fuel supply to meet demand during the busy festive season.

The NMDPRA also urged the public to avoid hoarding, panic buying, or any actions that could artificially drive up prices.

A market check by Naija News revealed that major marketers have already adjusted their pump prices downwards: Rainoil is selling at ₦910, Bovas at ₦908, NIPCO at ₦910, and Matrix at ₦915—down from around ₦955 previously.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, confirmed to Daily Post that the suspension of the duty has eased cost pressure on marketers.

He said, “Yes, petrol prices will drop further. The anxiety caused by the proposed 15% import duty has been lifted thanks to the suspension.”

The scrapped tariff would have given Dangote Refinery a pricing edge in the downstream sector and could have driven pump prices higher.

Earlier this month, the Nigerian National Petroleum Company Limited adjusted its pump price to ₦945 per litre in Abuja.

Depot prices remain steady, with Dangote Refinery selling at ₦856 per litre, Aiteo at ₦854, and both NIPCO and Pinnacle at ₦858 per litre.