FG Cancels Planned 15% Import Duty On Petrol, Diesel

The Federal Government (FG) has suspended plans on 15% duty on imported petroleum products, as it announced the suspension of the implementation of the policy.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced today (Thursday) that it is no longer considering implementing the policy.

Stakeholders have earlier argued that the planned fuel import duty could translate into higher pump prices and worsen the hardship for Nigerians.

The Director, Public Affairs Department, NMDPRA, George Ene-Ita, in a statement today urged the public to shun panic buying.

The statement reads in part: “It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view”

The NMDPRA, however, assured that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” it stated.