FG has bows to pressure and suspended 15% Import Duty on Petrol and Diesel.
NewsOnline Nigeria reports that the Nigerian Government has officially suspended the planned 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced on Thursday.
NMDPRA spokesperson George Ene-Ita urged Nigerians to avoid panic buying and reassured the public of sufficient fuel supplies across the country.
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“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” the statement read.
The regulator emphasized that domestic fuel supply remains robust, sourced from both local refineries and imports, ensuring timely replenishment at storage depots and retail stations during the peak demand period.
NMDPRA warned against hoarding, panic buying, or price inflation not reflective of market conditions. The agency also confirmed it would continue monitoring supply closely and take regulatory action to prevent disruptions.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.
The import duty had initially been approved by President Bola Ahmed Tinubu last month to support the Dangote Refinery. However, the decision had drawn mixed reactions from economists and Nigerians, with some supporting it as a boost for local refining, while others argued it could exacerbate fuel costs for consumers.
The suspension removes immediate concerns over rising fuel prices and ensures that petrol and diesel remain accessible nationwide.
