THE Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged Nigerians to avoid panic buying of petroleum products, assuring that there is sufficient supply across the country.
In a statement on Thursday, November 13, signed by the NMDPRA Director, Public Affairs Department, George Ene-Ita, the authority revealed that the implementation of the 15 per cent ad-valorem import duty on petrol and diesel had been suspended.
This followed reports that President Bola Tinubu had approved a 15 per cent import duty on petrol and diesel, a move that was expected to raise pump prices nationwide.
The directive, dated October 21, 2025, and communicated to the Federal Inland Revenue Service (FIRS), NMDPRA, and the Nigeria Customs Service, was reportedly aimed at aligning fuel import pricing with domestic production and protect local refineries.
According to the government, the tariff would be applied on the cost, insurance, and freight (CIF) value of imported petrol and diesel.
The government said move sought to stabilise the downstream petroleum market, promote energy security, and ensure fair competition between importers and local refiners.
The Presidency explained that the policy was part of wider reforms to strengthen domestic refining capacity and reduce reliance on imported fuel. It followed the Federal Executive Council approval of July 29, 2024, which allowed crude oil for domestic use and refined products to be traded in naira.
However, the NMDPRA, on Wednesday, said the implementation of the 15 per cent ad-valorem import duty on petrol and diesel had been suspended.
The organisation said there was a robust domestic supply of petroleum products sourced from both local refineries and imports, to ensure the timely replenishment of stocks at depots and filling stations nationwide.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.
“It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the statement read.
The NMDPRA added that it would continue to monitor the supply situation and take regulatory measures to prevent disruptions in distribution during this peak demand period.
It assured that the public could rely on the agency’s commitment to maintaining energy security, while appreciating stakeholders in the midstream and downstream sectors for their cooperation in sustaining stable supply.
“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” he added.
Mustapha Usman is an investigative journalist with the International Centre for Investigative Reporting. You can easily reach him via: musman@icirnigeria.com. He tweets @UsmanMustapha_M