FG suspends planned 15% import duty on petrol, diesel

The Federal Government has shelved its earlier plan to implement a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel), according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

In a statement released on Thursday via its official X handle, the Director of Public Affairs, NMDPRA, George Ene-Ita, confirmed that the proposed tariff is “no longer in view.”

He stated, “It should also be noted that the implementation of the 15 per cent 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 introduction of the 15 per cent import duty on both products as part of broader fiscal adjustments.

However, the NMDPRA reassured Nigerians that there is no cause for concern, stressing that the country currently maintains an adequate supply of petroleum products within the acceptable national sufficiency threshold.

The Authority said, “There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc.), sourced from both local refineries and importation, to ensure timely replenishment of stocks at storage depots and retail stations during this period.”

It further cautioned marketers and consumers against panic-induced practices. “The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products,” it stated.

According to Ene-Ita, the NMDPRA will continue to monitor the market closely to prevent any disruption in the supply chain. “The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period," the statement added.

The Authority expressed appreciation to stakeholders in the midstream and downstream sectors for maintaining stability in supply and distribution, reiterating its commitment to ensuring energy security across Nigeria.

“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,” it said.