Petroleum product marketers have reduced petrol pump prices following the government’s decision to suspend the 15 per cent tariff on imported petroleum products, checks by LEADERSHIP Weekend have shown.
This is as industry players are calling for the adoption of a fair and transparent pricing mechanism as the best way to stabilise pump prices and prevent future volatility in the fuel market. This development offers temporary relief to consumers amid ongoing struggles with fluctuating fuel costs.
Our correspondents who went round some fuel stations in both states noticed a slight price drop, in some instances, between N10 and N15 per litre, which they ascribed to a fresh cut in the ex-depot price of the product by the Dangote Petroleum Refinery, which slashed its gantry price by 49 per litre last Friday.
In Abuja, some filling stations on Friday also adjusted the price of premium motor spirit downward after the federal government suspended the implementation of a 15 per cent import duty on petrol and diesel.
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