The Federal Government has suspended the planned implementation of a 15 percent import duty on petrol and diesel. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the decision in a statement on Thursday, saying the proposal is no longer under consideration and urged the public to avoid panic buying.
President Bola Tinubu had earlier approved the tariff on October 29 following a proposal by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji. The policy, which was due to take effect on November 21, aimed to align import costs with domestic market realities and encourage local refining by making imported fuel more expensive.
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The NMDPRA assured Nigerians that there is adequate supply of petroleum products across the country and warned against hoarding or arbitrary price increases. It said both local refineries and importers are maintaining sufficient stock levels and pledged continued monitoring to ensure uninterrupted distribution nationwide.
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