FG Suspends Planned 15% Import Duty On Petrol

The Federal Government has suspended the planned 15 per cent import duty on petrol and diesel, which was earlier scheduled to take effect on November 21, 2025.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the development in a statement released on Thursday by its Director, Public Affairs Department, George Ene-Ita, who also advised Nigerians to avoid panic buying.

President Bola Tinubu had, on October 29, approved an import tariff on petrol and diesel, a policy that was expected to raise the landing cost of imported fuel. The approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.

The proposal had sought the application of a 15 per cent duty on the cost, insurance, and freight (CIF) value of imported petrol and diesel to align import costs with domestic market realities. It was designed to encourage local refining by making imported fuel more expensive, thereby protecting refineries like Dangote Refinery and other modular plants.

Although the policy aimed to boost local production, experts warned that it could drive up fuel prices and inflation, potentially increasing pump prices by as much as ₦150 per litre.

In an update, however, the NMDPRA confirmed that the government was no longer moving forward with the policy.

“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 read in part.

The agency also assured the public of sufficient petroleum product supply within the national sufficiency threshold, particularly 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,” it stated.

“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 added.