Fuel prices across Nigeria have begun to ease after the Federal Government halted plans to introduce a 15 per cent import duty on Premium Motor Spirit (PMS) and diesel.
The decision has triggered immediate retail price reductions at major filling stations, offering relief to motorists already grappling with high transportation costs.
The suspension was confirmed on Thursday in a statement issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The agency’s Director of Public Affairs, George Ene-Ita, assured the public that the move was necessary to stabilise the market ahead of the busy end-of-year period. He also stressed that the country has sufficient fuel reserves to meet the surge in holiday demand.
The NMDPRA further cautioned Nigerians against panic buying or stockpiling products, warning that such behaviour could artificially inflate prices despite healthy nationwide supply.
A market sweep shows that several prominent fuel retailers reacted swiftly to the policy change. Rainoil currently dispenses petrol at ₦910 per litre, while Bovas sells at ₦908, and both NIPCO and Matrix are offering ₦910 and ₦915 respectively—down from previous averages of about ₦955.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed in an interview that the suspended tariff has eased pressure on operating costs for marketers.
“Yes, petrol prices will drop further. The tension caused by the proposed 15 per cent import duty has reduced significantly. The suspension has restored confidence in the pricing framework,” Ukadike said.
Analysts note that the now-paused tax regime would have given the Dangote Refinery a pricing edge in the downstream market, likely driving pump prices even higher if implemented.
Earlier this month, the Nigerian National Petroleum Company Limited (NNPCL) revised its pump price in the capital city, adjusting PMS to ₦945 per litre in Abuja.
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Meanwhile, depot prices appear stable as suppliers maintain uniformity. Dangote Refinery currently sells PMS at ₦856, Aiteo at ₦854, while NIPCO and Pinnacle are pricing at ₦858 per litre.
With the duty suspension in effect, industry experts expect moderate price reductions to continue in the coming days, barring any supply disruptions or unforeseen market shocks.
