The Nigerian Midstream and Downstream Petroleum Regulatory Authority announced on Thursday that it has abandoned plans to impose a 15 percent duty on imported petroleum products.

This was disclosed in a statement by NMDPRA’s Director of Public Affairs, George Ene-Ita, who also urged the public to avoid panic buying.

On October 29, President Bola Tinubu approved an import tariff on petrol and diesel, a move expected to increase the landing cost of imported fuel.

The approval was communicated in a letter signed by the President’s Private Secretary, Damilotun Aderemi, following a proposal from the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.

The proposal recommended a 15 percent duty on the cost, insurance, and freight value of imported petrol and diesel, aiming to align import costs with domestic market realities.

In an update, NMDPRA stated that the government has decided not to proceed with implementing the petrol import duty.

“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 wrote in part.

The policy was scheduled to take effect on November 21, 2025, and was designed to support local refineries, including the Dangote Refinery and modular plants, by making imported fuel more costly.

Meanwhile, NMDPRA assured the public that petroleum product supplies in the country remain adequate and within the national sufficiency threshold, even during this peak demand period.

“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.

“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.

“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,” the statement read.

Experts have warned that the policy could lead to higher fuel prices at the pump, with some projecting an increase of up to ₦150 per litre or more.