Fuel stations across Nigeria have reduced the pump price of Premium Motor Spirit following the Federal Government’s suspension of the proposed 15 per cent import duty on petrol and diesel.

Naija News had earlier reported that the FG suspended the implementation of the proposed 15% import tax on petrol and diesel.

This was announced in a statement on Thursday by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

The statement, signed by the NMDPRA Director, Public Affairs Department, George Ene-Ita, also assured Nigerians that there is an adequate supply of petroleum products in the country during the peak demand period of the incoming yuletide.

The authority advised members of the public against hoarding, panic buying, or other non-market-driven escalation of petroleum prices.

A market survey by Naija News showed that several major outlets adjusted their prices downward. Rainoil now sells at ₦910, Bovas ₦908, NIPCO ₦910, and Matrix ₦915, down from around ₦955 previously.

Spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, in an interview with Daily Post confirmed that the tariff suspension directly eased pricing pressure on marketers.

He said, “Yes, petrol price will drop further. The anxiety associated with the planned 15 per cent import duty on petrol has been eased following the tariff suspension.”

The suspended duty would have given Dangote Refinery a competitive advantage in the downstream market and potentially pushed fuel prices higher.

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

Depot prices have also stabilised, with Dangote Refinery selling at ₦856, while Aiteo offers ₦854, and both NIPCO and Pinnacle sell at ₦858 per litre.