FG halts proposed 15% import duty on petrol, diesel

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the planned introduction of a 15 per cent ad valorem import duty on imported Premium Motor Spirit (petrol) and diesel has been suspended.

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

THE PRIME NEWS reports that the duty, applied to the Cost, Insurance, and Freight (CIF) value, was expected to increase petrol prices by approximately N99.72 per litre.

However, a statement on Thursday by the Director of 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.”

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.

“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.