Fuel prices have started to decline across Nigeria following the Federal Government’s suspension of a planned 15% import duty on petrol and diesel, bringing relief to motorists and businesses.

According to reports from major cities, Premium Motor Spirit (PMS) is now selling for ₦940–₦949 per litre in Abuja, down from around ₦955 per litre. Filling stations in other parts of the country have also implemented similar reductions.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that the price drop is a direct result of the government’s suspension of the import levy. IPMAN spokesperson Chinedu Ukadike stated that the suspension has eased anxiety among marketers and indicated that further price reductions could follow in the coming days.

Speaking on the development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) assured Nigerians that the fuel supply in the country is sufficient, sourced from both local refineries and imports. The agency also cautioned marketers against hoarding and unjustified price hikes, emphasizing that current supply levels are adequate to meet national demand.

The planned 15% import duty had initially been proposed to encourage the use of local refineries and reduce dependence on imported fuel. However, industry analysts and consumer groups warned that the levy would increase pump prices and add financial pressure on households and businesses.

While the suspension addresses immediate price concerns, experts stress that sustained affordability will depend on stable local refinery output, consistent imports, and compliance by marketers with pricing regulations.

The move highlights the government’s attempt to balance support for local refineries with the need to maintain affordable fuel for citizens.