Key Points
- The Federal Government cancels the 15% import duty on petrol and diesel.
- The NMDPRA assures Nigerians of stable fuel supply across the country.
- Authorities warn marketers against hoarding or inflating pump prices.
The Federal Government has suspended the planned 15 percent import duty on petrol and diesel, reversing an earlier policy proposal aimed at adjusting fuel import taxes.
In a statement on Thursday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority said the import duty implementation is “no longer in view.”
Duty Plan Dropped
George Ene-Ita, head of public affairs at the NMDPRA, confirmed the decision in a post on the agency’s X handle.
He said, “The implementation of the 15 percent ad valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”
Earlier reports indicated that President Bola Tinubu had approved the plan to introduce the new import duty on the two key fuels.
The reversal follows concerns from industry players that the measure could raise fuel costs and disrupt supply.
Fuel Supply Stable
The NMDPRA also assured Nigerians that there is enough fuel across the country despite rising demand.
The agency said the national stock level remains within the acceptable sufficiency threshold.
“There is a robust domestic supply of petroleum products sourced from both local refineries and importation,” the agency said.
“This ensures timely replenishment of stocks at depots and retail stations during this period.”
The authority urged marketers not to hoard products or raise pump prices beyond market levels, warning that such actions would attract regulatory sanctions.
Monitoring Continues
The agency said it will continue to monitor the supply and distribution of petroleum products nationwide to prevent shortages, especially as fuel demand rises toward the year-end period.
It also commended stakeholders in the midstream and downstream sector for maintaining steady operations and reaffirmed its commitment to ensuring energy security and market stability.
