The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15% ad-valorem import duty on petrol and diesel will no longer take effect.
In a statement released on Thursday by its Director of Public Affairs, George Ene-Ita, the agency urged Nigerians to remain calm and avoid panic buying, assuring that there is no cause for concern over fuel availability.
Fuel Supply Remains Stable
The NMDPRA confirmed that the nation currently has a steady and sufficient stock of petroleum products sourced from both local refineries and imports.
“The Authority wishes to assure the public that there is adequate supply of petroleum products within acceptable national sufficiency levels,” the statement read.
The regulator also cautioned fuel marketers against hoarding or hiking prices, emphasizing that rumours of new fuel taxes should not trigger panic purchases.
Background of the Proposed Duty
The Federal Inland Revenue Service (FIRS) had earlier proposed a 15% import duty on petrol and diesel as part of efforts to encourage local refining and reduce reliance on imported fuel.
While supporters argued the policy could drive investment into domestic refining especially as the Dangote Refinery expands operations critics warned it would lead to higher fuel prices and further strain Nigerians already grappling with economic hardship.
Though the NMDPRA did not provide details on why the policy was suspended, the agency reaffirmed its commitment to monitoring fuel supply and safeguarding national energy security.