Nigeria scraps planned 15% import duty on petrol and diesel
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 on Thursday, citing assurances of adequate fuel supply through the holiday…
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 on Thursday, citing assurances of adequate fuel supply through the holiday season.
The tariff, previously approved by President Bola Tinubu as part of fiscal reforms aimed at boosting non-oil revenue, was revealed in a leaked government memo last month and was slated 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.
“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.
Fuel marketers had opposed the planned levy, warning that 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’s operations starting last year, Africa’s biggest oil producer still spends millions of dollars annually on fuel imports.
The NMDPRA assured consumers that fuel supplies will remain stable throughout the festive period and cautioned 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.
Based on reporting by Africanews.
