President Bola Tinubu
Federal Government has suspended its earlier plan to impose a 15% import duty on Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (diesel).
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed the development in a statement posted on its official X (Twitter) handle on Thursday.
The announcement was signed by George Ene-Ita, the agency’s Director of Public Affairs.
Recall that President Bola Ahmed Tinubu had previously approved the introduction of a 15% ad-valorem import duty on petrol and diesel as part of measures aimed at encouraging local refining and stabilizing fuel supply across the country.
However, according to Ene-Ita, “the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”
He assured Nigerians that there is adequate availability of petroleum products nationwide, maintaining that supply remains within the national sufficiency threshold, even amid peak demand.
Ene-Ita also expressed appreciation to stakeholders across the midstream and downstream sectors for their consistent efforts in maintaining uninterrupted supply and distribution of petroleum products.
“The public is hereby assured of NMDPRA’s commitment to guarantee energy security,” he added, emphasizing that the Authority will continue to monitor the market and apply regulatory measures to prevent any disruptions.
The proposed import duty, approved in October 2024, had sparked public criticism from energy experts, civil society groups, and industry players, who warned that it could further drive up fuel prices and worsen the economic situation for Nigerians.
With this suspension, the government aims to stabilize fuel prices and ensure steady nationwide supply, easing public concerns over potential hikes.
