Just In: FG Suspends 15% Import Tax On Petrol

Christogonus Iheanyi November 13, 2025 0

Also Read

The Federal Government has suspended the planned implementation of a 15 per cent import tax on petrol (Premium Motor Spirit, PMS) and diesel (Automotive Gas Oil, AGO).

The development was announced in a statement issued on Thursday by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to the statement, signed by George Ene-Ita, Director of the Public Affairs Department at NMDPRA, the suspension takes immediate effect.

“The implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the statement read in part.

The agency also assured Nigerians of adequate petroleum product supply across the country, particularly ahead of the festive season, urging consumers to avoid panic buying, hoarding, or price manipulation.

Tinubu’s Earlier Approval

It will be recalled that President Bola Tinubu had earlier approved the introduction of a 15% import duty on petrol and diesel.

The approval, conveyed in a letter dated October 21, 2025, by Damilotun Aderemi, Private Secretary to the President, was addressed to the Federal Inland Revenue Service (FIRS) and the NMDPRA.

According to reports by TheCable, the FIRS had requested the duty to be applied on a cost, insurance, and freight (CIF) basis, arguing that it would align import costs with domestic realities.

The implementation, if carried out, was projected to increase the pump price of petrol by about ₦99.72 per litre.

NMDPRA Reassures Public

In its latest statement, the NMDPRA reaffirmed its commitment to ensuring stable supply and fair market conditions, emphasizing that no disruptions are expected during the yuletide period.

“The Authority remains committed to ensuring a smooth and uninterrupted supply of petroleum products across the country,” the statement added.

The government’s decision to halt the import tax has been welcomed by downstream operators and consumers, who had expressed concerns over potential fuel price hikes and inflationary effects.