![\"\"](\"https:\/\/panoramanews.com.ng\/wp-content\/uploads\/2025\/11\/images-2-1-300x156.jpg\")
\nBy Amah
\nKindly share:\u00a0<\/p>\n
\nBy Amah
\nKindly share:\u00a0<\/p>\n
Fears that the proposed 15 per cent of valorem import duty on imported Premium Motor Spirit (PMS) and Diesel will lead to hikes in fuel prices have been allayed with the suspension of its implementation
\nThe Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed in a statement posted on its X handle on Thursday signed by the Director, Public Affairs Department, NMDPRA, George Ene-Ita that the import duty implementation was no longer in view.
\nPresident Bola Tinubu had approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria in October.
\nAccording to Ene-ita, the implementation of the 15 per cent ad-valorem import duty had been suspended.
\nEne-Ita also assured all that there was an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.
\nThe director appreciated the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution.
\nHe said the authority would continue to closely monitor the supply situation and take appropriate\u00a0 regulatory measures to prevent distruption of supply and distribution of petroleum products nationwide .
\n\u201cThe public is hereby assured of NMDPRA\u2019s commitment to guarantee energy security,\u201d Ene-Ita said.
\nIn October, President Bola Tinubu approved a 15 per cent import duty on petrol and diesel.
\nThe government stated that the directive aimed to \u201cstrengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria.\u201d
\nThe government said implementation of the tariff would begin in a month\u2019s time, after its approval.
\nHowever, the policy was met with criticisms from various stakeholders, energy experts and civil societies, who argued it would skyrocket fuel prices and worsen Nigeria\u2019s economic situation. (NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"
By Amah Kindly share:\u00a0 Fears that the proposed 15 per cent of valorem import duty on imported Premium Motor Spirit…<\/p>\n","protected":false},"author":1,"featured_media":8185,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1683],"class_list":["post-8184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-economy","tag-valorem-import-duty"],"yoast_head":"\n