FG withdraws plan to impose 15% import duty on petrol, diesel
By Jeffrey Agbo
The Federal Government has stepped back from its earlier decision to implement a 15 per cent ad valorem import duty on Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel), following public concern over potential price hikes.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed the suspension in a statement issued on Thursday by its Director of Public Affairs, George Ene-Ita.
“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,” the statement read.
President Bola Tinubu had previously approved the duty, which was to be applied to the Cost, Insurance, and Freight (CIF) value of fuel imports — a move projected to raise petrol prices by about N99.72 per litre.
Reassuring consumers, NMDPRA stated that the country has sufficient petroleum product reserves to meet demand during this high-consumption 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 agency said.
It further cautioned against hoarding, panic buying, or arbitrary price increases, warning that such actions could distort market stability.
“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.
“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 statement added.
