ABUJA, Nigeria — Nigeria has dropped plans to introduce a 15 percent import duty on petrol and diesel, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced Thursday.
The tariff, previously approved by President Bola Tinubu as part of fiscal reforms to boost non-oil revenue, was revealed in a leaked government memo last month and had been scheduled to take effect in December.
“The implementation of the 15 percent ad-valorem import duty on imported premium motor spirit and diesel is no longer in view,” the NMDPRA said in a statement.
Opposition From Marketers
Fuel marketers had opposed the levy, warning it could discourage imports and make the country overly dependent on the 650,000-barrel-per-day Dangote Petroleum Refinery in Lagos.
Despite the refinery beginning operations last year, Nigeria — Africa’s largest oil producer — continues to spend millions of dollars annually on fuel imports.
Assurances to Consumers
The NMDPRA assured Nigerians that fuel supplies will remain stable throughout the holiday season and urged against panic buying. “The Authority will continue to monitor supply and take necessary steps to avoid disruptions, especially during this peak demand period,” it said.