FG Suspends 15% Import Duty on Petrol, Diesel

The Federal Government has suspended the proposed 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), otherwise known as petrol and diesel.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the decision in a statement issued on Thursday by its Director, Public Affairs Department, George Ene-Ita.

According to the NMDPRA, the implementation of the 15 per cent duty is “no longer in view.” The statement further assured Nigerians of adequate petroleum supply across the country during the peak demand period.

“The Authority wishes to advise against hoarding, panic buying or any non-market reflective escalation of prices. There is robust domestic availability of petroleum products, sourced from both local refineries and importation, to ensure timely replenishment of stocks at storage depots and retail stations nationwide,” the statement read.

Earlier reports indicated that President Bola Tinubu had approved the introduction of the import duty following a request from the Federal Inland Revenue Service (FIRS) to align import costs with domestic realities. The policy, however, drew mixed reactions within the downstream sector—while some viewed it as a step toward protecting local refineries, others warned it could lead to higher fuel prices for consumers.

The NMDPRA assured the public of its continued monitoring of supply and distribution channels to prevent disruptions and reaffirmed its commitment to ensuring energy security ac