FG Halts Implementation of Proposed 15% Import Duty on Petrol and Diesel

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the planned implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) has been suspended.

In a statement shared on its official X handle on Thursday, the Director of Public Affairs, George Ene-Ita, clarified that “the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”

The authority further assured Nigerians that there is adequate availability of petroleum products across the country, maintaining supplies within the acceptable national sufficiency threshold during the current peak demand period.

According to the statement, 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 outlets.”

NMDPRA cautioned against hoarding, panic buying, or arbitrary increases in fuel prices, noting that such actions are unnecessary given the current market stability.

It added that the authority will continue to closely monitor the situation and take appropriate regulatory measures to ensure uninterrupted supply and distribution nationwide.

While commending stakeholders in the downstream and midstream sectors for their continued cooperation, the NMDPRA reaffirmed its commitment to sustaining energy security and ensuring a stable fuel supply across Nigeria.