The Nigerian government has suspended the planned 15% import duty on petrol and diesel, assuring the public of adequate supply and stable prices across the country.

The decision, announced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), reverses a policy approved last month by President Bola Tinubu. The levy, which would have been applied to the cost, insurance, and freight (CIF) value of imported petroleum products, was expected to take effect later this year.

According to NMDPRA, implementing the duty could have increased landing costs, potentially leading to higher pump prices for consumers. The agency reassured Nigerians that there is sufficient fuel supply, supported by both local refining and continued imports.

Authorities also warned against hoarding, panic buying, and unjustified price increases, emphasizing that the fuel market remains stable and well-supplied.

The suspension is welcomed by consumers and industry stakeholders, who were concerned about a potential spike in fuel prices. Local refiners, including the Dangote Petroleum Refinery, continue to play a crucial role in meeting domestic demand.

While the import duty was part of broader reforms aimed at boosting local refining capacity and reducing import dependence, the government has opted to pause the measure in response to public concern and current market dynamics. Visit www.jocomms.com for more news.