FG Drops Planned 15% Import Duty on Petrol, Diesel
The midstream regulator says stocks are adequate and urged marketers and consumers to avoid hoarding, panic buying or price increases.
The Federal Government has backed down from plans to introduce a 15% import duty on petrol and diesel following concerns that the levy would raise pump prices and trigger hoarding. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the reversal on Thursday, assuring the public that fuel supply remains stable.
In its statement, the regulator said the country has adequate stock of petrol, diesel and LPG from both local refineries and imports, enough to meet demand during the current high-consumption period. It urged marketers and consumers to avoid hoarding, panic buying or unnecessary price increases.
The NMDPRA stressed that the proposed 15% duty on imported petroleum products “is no longer in view,” adding that it will continue monitoring the market to prevent any supply disruptions nationwide.
The planned duty, introduced earlier through a directive from the President’s office, had sparked strong opposition from industry groups and civil-society organizations who warned it would fuel inflation. Supporters argued it could strengthen local refining and ease pressure on foreign exchange.
Enjoyed this? Get the morning brief.
News from Nigeria and Africa, in one free email every day.
