Key Facts:
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Federal Government suspends 15% import duty on petrol and diesel.
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NMDPRA assures Nigerians of steady fuel supply.
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Move follows widespread criticism and fears of price hikes.
The Federal Government of Nigeria has officially suspended the implementation of the 15% import duty earlier placed on premium motor spirit (PMS), popularly known as petrol, and automotive gas oil (diesel).
This announcement was made by George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in a public statement on Thursday. The decision comes amid public concerns that the policy would trigger another round of fuel price increases across the country.
According to Ene-Ita, the 15% ad valorem duty on imported petrol and diesel is no longer in effect, meaning importers will continue to bring in products without the additional cost burden. The NMDPRA reassured Nigerians that there is no cause for alarm, as fuel supply remains stable and well above the national sufficiency threshold.
“The implementation of the 15% import duty on petrol and diesel is no longer in view. The Authority assures the general public that there is an adequate supply of petroleum products nationwide,” the statement read.
Ene-Ita further emphasized that the country currently maintains a robust stock of petroleum products, including petrol, diesel, and liquefied petroleum gas (LPG), sourced from both local refineries and importation channels. This ensures that retail stations and depots remain adequately stocked, especially during the current period of high demand.
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The NMDPRA also cautioned marketers against hoarding, price manipulation, and panic buying, warning that regulatory measures would be taken against any attempt to disrupt the smooth distribution of fuel.
“We hereby advise the public to avoid panic buying or hoarding. The Authority continues to monitor the market closely to prevent disruptions and ensure energy security,” it added.
This latest development follows the controversial approval of the 15% duty by President Bola Ahmed Tinubu last month. The move was initially intended to encourage local refining, particularly to support the operations of the Dangote Refinery — a project seen as key to reducing Nigeria’s dependence on imported fuel.
However, the decision sparked mixed reactions across the country. While some economists and industry stakeholders viewed it as a necessary step to protect local investments, others criticized it as ill-timed, arguing that it would increase the cost of living for ordinary Nigerians already struggling with inflation and fuel price volatility.
Analysts say the government’s suspension of the policy signals an attempt to stabilize the market and prevent another wave of public backlash, particularly as Nigerians continue to grapple with economic hardship.
The NMDPRA reaffirmed its commitment to ensuring energy security and smooth fuel distribution nationwide, stressing that the agency will continue collaborating with industry stakeholders to sustain adequate supply.
With this suspension, experts expect the price of petrol and diesel to remain stable in the coming weeks, while discussions continue on how best to balance local production support with consumer affordability.
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