Nigeria Halts 15% Import Duty on Petrol and Diesel Amid Year-End Holiday Prep

Nigeria has withdrawn a planned 15% import duty on petrol and diesel, originally approved by President Bola Tinubu, to ensure adequate fuel supply during the holiday season. Fuel marketers had opposed the tariff, fearing dependency on a single refinery. The government ensures continuous monitoring to prevent disruptions.

Nigeria has decided to suspend the introduction of a 15% import duty on petrol and diesel, a measure initially approved by President Bola Tinubu as part of broader fiscal reforms aimed at boosting non-oil revenues. This announcement comes amidst assurances from Nigerian regulators about an adequate fuel supply during the approaching holiday season.

The proposed tariff, which was due to take effect in December, faced significant opposition from fuel marketers who raised concerns about potential import restrictions. They warned that such a measure could lead to increased reliance on the Dangote Petroleum Refinery, currently processing 650,000 barrels per day.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) released a statement assuring consumers of sufficient fuel availability and cautioning against panic buying. The authority emphasized its commitment to monitoring fuel supplies to prevent any potential shortages during this period of heightened demand.

(With inputs from agencies.)