Nigerian Fuel Stations Cut Prices as Government Suspends Petrol Import Duty

The Nigerian government's suspension of a 15% import duty on petrol and diesel has led to fuel stations across the country reducing pump prices. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed the duty suspension, reassuring the public of sufficient petroleum product supply during the peak demand period.

Major outlets like Rainoil, NIPCO, and Matrix have adjusted prices downwards. The move is seen as providing a competitive advantage to Dangote Refinery in the downstream market and potentially preventing fuel price hikes.

The Nigerian National Petroleum Corporation (NNPC) has also adjusted its pump prices accordingly.