LunagisthubNigerian Government Suspends 15% Import Duty on Petrol and Diesel
The Nigerian government has suspended the planned implementation of a 15% import duty on petrol and diesel. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed this development in a statement, citing adequate supply of petroleum products in the country.
The suspension is aimed at ensuring a smooth supply and distribution of petroleum products, particularly during the peak demand period. The NMDPRA assured the public that there is a robust domestic supply of petroleum products, including AGO, PMS, and LPG, sourced from both local refineries and imports.
The Authority warned against hoarding, panic buying, or non-market reflective escalation of prices of petroleum products. The NMDPRA vowed to closely monitor the supply situation and take regulatory measures to prevent disruption of supply and distribution.
The NMDPRA reaffirmed its commitment to guaranteeing energy security in the country. The Authority appreciated stakeholders in the midstream and downstream value chain for their efforts in ensuring a smooth supply and distribution of petroleum products.
The suspension of the import duty is expected to provide relief to Nigerians, particularly with the festive season approaching. The move demonstrates the government’s efforts to stabilize the economy and ensure the availability of essential commodities.
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