In a move that brings relief to importers and consumers alike, the Federal Government has suspended plans to implement the 15% ad-valorem import duty on Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel).
The announcement was made by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in a statement posted on its official Twitter handle on Thursday.
According to George Ene-Ita, the Director of Public Affairs at NMDPRA, the proposed import duty, earlier approved by President Bola Ahmed Tinubu, is “no longer in view.”
“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,” the statement read.
The planned policy had stirred anxiety across the oil and gas sector, with industry stakeholders warning that such a levy could trigger a sharp rise in fuel prices and further strain the nation’s inflation-hit economy.
However, the NMDPRA’s latest statement has calmed nerves, reassuring Nigerians that there is currently adequate fuel supply nationwide, with stock levels comfortably within the national sufficiency threshold, even during this high-demand period.
The suspension signals a responsive adjustment by the government to the realities of the downstream market — and a strategic attempt to stabilise energy costs amid global price volatility.
For now, motorists and importers can heave a sigh of relief, as the government appears focused on maintaining price stability, steady supply, and economic balance in the nation’s fuel sector.
