FG suspends 15% import duty on petrol, diesel

The federal government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has announced the suspension of the planned 15% ad valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel.

In a statement signed by George Ene-Ita, Director of Public Affairs Department, the Authority said the decision was aimed at stabilizing the domestic supply chain and preventing unnecessary price increases in the downstream petroleum sector.

Ene-Ita assured Nigerians of adequate and steady supply of petroleum products across the country, sourced from both local refineries and importers, within acceptable national sufficiency levels.

“There is 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 statement read.

The Authority cautioned marketers against hoarding, panic buying, or arbitrary price adjustments, stressing that the current supply situation does not warrant any form of scarcity.

“It should also be noted that the implementation of the 15% ad-valorem import duty on imported premium motor spirit and diesel is no longer in view,” the statement clarified.

The Federal Government had earlier approved the 15 percent import duty as part of a new tariff framework designed to encourage local refining, reduce import dependence, and align import costs with domestic production realities.

The approval was conveyed in a letter dated October 21, 2025, to the Federal Inland Revenue Service (FIRS) and the NMDPRA, with implementation initially scheduled to begin on November 21, 2025, following a 30-day transition period.