The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday said it is no longer considering implementing the planned 15 per cent duty on imported petroleum products.
The development was announced by the Director, Public Affairs Department, NMDPRA, George Ene-Ita, in a statement while warning the public to shun panic buying.
President Bola Tinubu, on the 29th of October, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.
The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.
