Abuja, Nigeria
The Nigerian government has announced that it will not proceed with the proposed implementation of a 15% ad valorem import duty on imported Premium Motor Spirit (petrol) and Diesel.
The decision was confirmed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday.
George Ene-Ita, the Director of Public Affairs at the NMDPRA, stated in a social media release that “the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”
A Shift in Policy
The move marks a halt to a policy that was recently approved by President Bola Tinubu’s administration, which had aimed to introduce the new tariff on the imported petroleum products.
The NMDPRA’s announcement comes amid broader efforts to stabilise the energy market following the removal of the petrol subsidy last year.
Assurance of Supply
Alongside the tariff update, the NMDPRA assured the public that Nigeria currently holds an adequate supply of petroleum products, including petrol (PMS) and diesel (AGO).
The Authority stressed that stocks are sourced from both local refineries and imports, ensuring timely replenishment across storage depots and retail stations, particularly during the current peak demand period.
The agency issued a warning against “any hoarding, panic buying or non-market reflective escalation of prices of petroleum products,” and affirmed its commitment to taking regulatory measures to prevent disruptions in supply and distribution across the country.
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