FG suspends planned 15% import duty on petrol, diesel

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed implementation of a 15 per cent ad-valorem import duty on imported Premium Motor Spirit (PMS) and Diesel is no longer under consideration.

In a statement posted on its X handle on Thursday, the Director of Public Affairs at NMDPRA, George Ene-Ita, said that “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.”

President Bola Tinubu had approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

The NMDPRA also assured Nigerians that there is an adequate supply of petroleum products nationwide, within the acceptable national sufficiency threshold, especially during this peak demand period.

“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,” the statement read.

“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 Authority further advised against hoarding, panic buying, or arbitrary increases in the prices of petroleum products.

“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,” it added.