FG suspends 15% import duty on petrol, diesel

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the suspension of the planned 15 percent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly referred to as petrol and diesel.

In a statement signed by George Ene-Ita, Director of the Public Affairs Department, the authority explained that the move is intended to stabilize the domestic supply chain and prevent unnecessary price hikes in the downstream petroleum sector.

Ene-Ita assured Nigerians that there is a steady and sufficient supply of petroleum products nationwide, sourced from both local refineries and importers, maintaining acceptable levels of national sufficiency.

“There is 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 statement said.

The NMDPRA also warned marketers against hoarding, panic buying, or arbitrary price increases, emphasizing that the current supply situation does not justify any scarcity.

“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 statement clarified.

The Federal Government had previously approved the 15% import duty as part of a new tariff framework aimed at encouraging local refining, reducing import dependence, and aligning import costs with domestic production.

The directive, conveyed in a letter dated October 21, 2025, to the Federal Inland Revenue Service (FIRS) and NMDPRA, was initially scheduled to take effect on November 21, 2025, following a 30-day transition period.