The Nigerian Midstream and Downstream Petroleum
Regulatory Authority (NMDPRA) has announced that the federal government
will no longer proceed with the planned 15 per cent import duty on
petroleum products, including petrol and diesel.
This was disclosed in a statement issued on Thursday
by the Director of Public Affairs at NMDPRA, George Ene-Ita, who also
urged Nigerians to avoid panic buying, assuring that there is adequate fuel
supply across the country.
President Bola Ahmed Tinubu had, on October
29, approved a proposal by the Federal Inland Revenue Service (FIRS)
to impose a 15% duty on the cost, insurance, and freight (CIF) value of
imported petrol and diesel. The policy, which was to take effect from November
21, 2025, aimed to align import costs with domestic market realities and
encourage local refining.
The move was also intended to protect and promote
local refineries such as the Dangote Refinery and other modular plants
by making imported fuel less competitive. However, experts had warned that the
policy could raise pump prices by as much as ?150 per litre, further
driving inflation and transportation costs.
In a new development, NMDPRA confirmed that the
government has shelved the plan, stating:
“It should also be noted that the implementation of
the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is
no longer in view.”
The Authority assured Nigerians of sufficient fuel
supply, saying both locally refined and imported petroleum products remain
within the national sufficiency threshold.
“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.
NMDPRA also cautioned marketers against hoarding or
arbitrary price increases, warning that it would continue to monitor supply
and take necessary regulatory actions to prevent disruptions nationwide.
The agency reaffirmed its commitment to ensuring energy
security and a stable supply chain in the country’s downstream
petroleum sector.
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