Abuja: The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Diesel will not be implemented. This decision was revealed in a statement released on the NMDPRA’s X handle, signed by George Ene-Ita, Director of the Public Affairs Department.
According to News Agency of Nigeria, the implementation of the import duty, previously approved by President Bola Tinubu, is no longer being considered. Ene-Ita confirmed that there is a sufficient supply of petroleum products within the country’s acceptable national sufficiency threshold, even during peak demand periods.
Ene-Ita also acknowledged the efforts of stakeholders in the midstream and downstream value chains for maintaining a smooth supply and distribution of petroleum products. He emphasized that the authority would continue to monitor the situation and take necessary regulatory actions to ensure an uninterrupted supply nationwide.
In O
ctober, President Tinubu had approved a 15% import duty on petrol and diesel imports, with the aim of boosting local refining capacity and ensuring a stable and affordable supply of petroleum products across Nigeria. The government had planned for the tariff to take effect a month after its approval.
However, the proposed policy faced significant backlash from stakeholders, energy experts, and civil society organizations who argued that it would lead to increased fuel prices and exacerbate Nigeria’s economic challenges.