FG Suspends Planned 15% Import Duty On Petrol, Diesel
The Federal Government has suspended plans to implement the proposed 15% import duty on petrol and diesel.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the decision in a statement issued on Thursday by its Director of Public Affairs, George Ene-Ita, urging Nigerians to avoid panic buying.
President Bola Tinubu had earlier, on October 29, approved the tariff following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji. The plan, which was to take effect on November 21, 2025, sought to apply a 15% duty on the cost, insurance, and freight value of imported petrol and diesel to align prices with domestic market realities.
The policy was aimed at encouraging local refining and protecting facilities such as the Dangote Refinery and modular plants. However, experts warned that it could lead to a rise in pump prices, higher inflation, and increased transportation costs.
In its latest statement, NMDPRA clarified that the implementation of the proposed duty “is no longer in view.”
The agency also assured the public of sufficient petroleum supply nationwide, sourced from both local refineries and imports. It warned marketers against hoarding or inflating prices, emphasizing its commitment to ensuring uninterrupted fuel supply and energy security during the current peak demand period.
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