The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the suspension of the planned 15 per cent ad valorem import duty on Premium Motor Spirit (petrol) and diesel.
President Bola Tinubu had earlier approved the introduction of the 15 per cent import duty, which was to be applied to the Cost, Insurance, and Freight (CIF) value of petrol and diesel imports into Nigeria.
The duty, if implemented, was expected to increase the pump price of petrol by about ₦99.72 per litre.
However, in a statement on Thursday, the Director of Public Affairs at NMDPRA, George Ene-Ita, clarified that the implementation of the import duty was “no longer in view.”
The agency also assured Nigerians of sufficient petroleum product availability across the country during the 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,” the statement read.
NMDPRA further warned against hoarding, panic buying, or unjustified price increases, while affirming its commitment to maintaining energy security and smooth distribution nationwide.
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