TINUBU Suspends The Proposed 15% Import Duty On Petrol And Diesel

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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15% import duty on Premium Motor Spirit (PMS) and Diesel is no longer in effect.

This decision comes after President Bola Tinubu initially approved the duty to encourage local refining and reduce reliance on imports.

According to a statement posted on its X handle on Thursday, the Director, Public Affairs Department, NMDPRA, George Ene-Ita, said,

“It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”

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SOJ WORLDWIDE had reported that President Bola Tinubu approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

NMDPRA also assured all 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.

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“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,” the statement read.

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