The Federal Government has suspended the planned 15 per cent import duty on petrol and diesel to prevent a rise in pump prices and further inflation.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the suspension in a statement signed by its Director of Public Affairs, George Ene-Ita.
President Bola Tinubu had approved the tariff in October as part of fiscal measures to align import costs with local production and boost domestic refining. The policy, proposed by Federal Inland Revenue Service (FIRS) Chairman Zacch Adedeji, was due to take effect after a 30-day transition period ending November 21.
Adedeji said the move was meant to promote fairness in the downstream sector and encourage locally refined products, not to raise revenue.
However, industry stakeholders warned the measure could push up fuel prices and worsen inflation, prompting the government’s reversal.
Ene-Ita said the implementation “is no longer in view,” assuring that Nigeria has adequate fuel supply from both local refineries and imports. He cautioned marketers against hoarding or arbitrary price increases, adding that the Authority will continue monitoring distribution nationwide.
The suspension aligns with ongoing efforts to stabilise fuel availability and support local refining projects such as the Dangote Refinery and modular plants.
