FG Halts Implementation of 15% Import Duty on Petrol and Diesel

The Federal Government of Nigeria has suspended the enforcement of a 15 percent import duty on premium motor spirit (PMS) and automotive gas oil (diesel).

This was announced on Thursday by George Ene-Ita, spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), in an official statement.

The agency urged Nigerians to refrain from panic buying of fuel and diesel, assuring that there is adequate supply of petroleum products across the country.

“The implementation of the 15 percent ad valorem import duty on imported PMS and diesel is no longer under consideration,” the NMDPRA said.

According to the statement, the authority confirmed that the nation currently maintains a sufficient stock of petroleum products—including PMS, AGO, and LPG—sourced from both local refineries and imports to ensure steady supply to depots and retail outlets during the ongoing period of high demand.

The agency also cautioned against hoarding or artificial price increases, emphasizing that it would closely monitor supply and distribution to prevent disruptions nationwide.

“The Authority reiterates its commitment to ensuring energy security and appreciates the continued cooperation of stakeholders in maintaining smooth supply and distribution operations,” the statement added.

It will be recalled that President Bola Ahmed Tinubu had, in late October, approved the introduction of a 15 percent import tariff on petrol and diesel to promote the Dangote Refinery and reduce dependence on imported fuel.

However, the policy sparked mixed reactions from the public, with some analysts supporting the move as an incentive for local refining, while others warned it could increase fuel prices and worsen economic hardship for Nigerians.