FG Suspends Planned 15% Import Duty on Petrol, Diesel

The Federal Government has suspended the planned implementation of a 15 percent import duty on Premium Motor Spirit (PMS) and diesel.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the decision in a statement released on Thursday through its X handle. The Director of Public Affairs, George Ene-Ita, confirmed that the proposed ad-valorem import duty on petrol and diesel “is no longer in view.”

The duty had earlier been approved by President Bola Ahmed Tinubu as part of fiscal adjustments for petroleum imports. However, the NMDPRA has now clarified that the plan will not proceed, easing concerns among importers and marketers over potential increases in fuel prices.

Assuring the public of product availability, the agency stated that there is a stable supply of petroleum products nationwide, supported by both local refinery output and importation. It noted that current stock levels remain within acceptable national sufficiency thresholds, even during the current period of high demand.

The NMDPRA urged against panic buying, hoarding, or arbitrary price increases, emphasizing that it will continue to monitor market activities and enforce measures to maintain steady distribution across the country.

Reaffirming its commitment to energy security, the Authority expressed appreciation to stakeholders across the midstream and downstream sectors for their cooperation in ensuring consistent fuel supply nationwide.