THE Federal Government has suspended the planned implementation of a 15 percent import duty on petroleum products, a move that had raised public concern over potential increases in fuel prices.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the decision today through its Director of Public Affairs, George Ene-Ita, urging Nigerians to avoid panic buying as fuel supply remains stable nationwide.
President Bola Tinubu had earlier, on October 29, approved the import tariff following a proposal by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.
The policy, set to take effect on November 21, 2025, was designed to apply a 15 percent duty on the cost, insurance, and freight value of imported petrol and diesel. It aimed to support local refineries such as the Dangote Refinery by discouraging fuel importation through higher landing costs.
However, economists and industry experts warned that the policy could worsen inflation, raise transport costs, and increase pump prices by as much as ₦150 per litre.
In its latest statement, the NMDPRA clarified that “the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and diesel is no longer in view,” confirming the suspension of the tariff.
The agency also assured Nigerians of sufficient petroleum product supply from both local refineries and imports.
It advised marketers against hoarding or artificially inflating prices, pledging to monitor distribution closely to prevent shortages or disruptions.
“The Authority reaffirms its commitment to ensuring energy security and uninterrupted fuel distribution across the country,” the statement added.