The Federal Government has suspended the proposed 15 per cent ad valorem import duty earlier approved on imported Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel).
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the decision in a statement on Thursday, following concerns that the levy could trigger a fresh surge in fuel prices nationwide.
President Bola Tinubu had earlier granted approval for the duty to be imposed based on the Cost, Insurance and Freight (CIF) value of the products—a move analysts projected could raise the pump price of petrol by about ₦99.72 per litre.
However, the NMDPRA’s Director of Public Affairs, George Ene-Ita, clarified that the plan has been shelved.
“The implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” Ene-Ita stated.
The regulatory agency also assured Nigerians of adequate supply of petroleum products across the country, noting that available stocks remain within the national sufficiency threshold.
“There is a robust domestic supply of petroleum products sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail outlets,” the statement read.
The Authority further cautioned against hoarding, panic buying, or arbitrary price hikes by marketers, stressing that it would continue to monitor supply trends and enforce necessary regulatory interventions to ensure market stability.
It commended stakeholders in the midstream and downstream sectors for sustaining smooth operations despite prevailing challenges, reaffirming its commitment to guaranteeing energy security nationwide.
