Fuel Price Crash Begins Nationwide As FG Halts Controversial 15% Petrol Duty

Fuel stations across the country have begun reducing the pump price of Premium Motor Spirit after the Federal Government suspended the proposed 15 per cent import duty on petrol and diesel. According to Ireporter Online, the suspension was confirmed in a statement issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday.

The statement, signed by George Ene-Ita, Director of the Public Affairs Department, assured Nigerians that there is sufficient fuel supply nationwide, especially as the festive season approaches. The agency also cautioned the public against panic buying, hoarding, or any activity capable of artificially driving up petroleum prices.

A market survey conducted by industry observers showed that major filling stations have already adjusted their pump prices. Rainoil now sells petrol at ₦910 per litre, Bovas at ₦908, NIPCO at ₦910, and Matrix at ₦915 — a notable drop from the previous average of about ₦955 per litre.

Speaking on the development, Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, explained that the suspension of the duty has eased pricing pressure on marketers. He noted that the planned tariff had created widespread anxiety within the sector.

Industry analysts have pointed out that the shelved duty would have given Dangote Refinery a significant competitive edge in the downstream market, with the potential to trigger further increases in fuel prices.

Earlier this month, the Nigerian National Petroleum Company Limited reviewed the pump price in Abuja to ₦945 per litre. Depot prices have likewise stabilised, with Dangote Refinery selling at ₦856, Aiteo at ₦854, and both NIPCO and Pinnacle maintaining ₦858 per litre.