FG Halts 15% Petrol Import Tax, Eases Pressure On Consumers Ahead Of Festive Season

According to Ireporter Online, the Federal Government of Nigeria has suspended the planned 15% import duty on petrol and diesel, a move that comes amid rising concerns about fuel affordability. The announcement was made on Thursday by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in a statement signed by George Ene-Ita, Director of Public Affairs.

The authority reassured Nigerians that petroleum products are sufficiently available to meet demand during the upcoming festive season. It also cautioned against hoarding, panic buying, or any market-driven price manipulations.

Earlier, President Bola Tinubu had approved the 15% import levy on premium motor spirit (PMS) and diesel. The approval, conveyed through the President’s private secretary, Damilotun Aderemi, was addressed to the Federal Inland Revenue Service (FIRS) and NMDPRA. The duty, calculated on the cost, insurance, and freight (CIF) of imports, was expected to raise petrol prices by roughly ₦99.72 per litre.

However, NMDPRA’s latest statement confirmed that the implementation of the duty is no longer being pursued, reiterating the government’s commitment to ensuring a steady and uninterrupted supply of fuel across the country.