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The tariff, previously approved by President Bola Tinubu as part of fiscal reforms aimed at boosting non-oil revenue, was revealed in a leaked government memo last month and was slated to take effect in December.
Nigeria has dropped plans to introduce a 15 percent import duty on petrol and diesel, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced on Thursday, citing assurances of adequate fuel supply through the holiday season.
The tariff, previously approved by President Bola Tinubu as part of fiscal reforms aimed at boosting non-oil revenue, was revealed in a leaked government memo last month and was slated to take effect in December.
Fuel marketers had opposed the planned levy, warning that it could discourage imports and make the country overly dependent on the 650,000-barrel-per-day Dangote Petroleum Refinery in Lagos. Despite the refinery’s operations starting last year, Africa’s biggest oil producer still spends millions of dollars annually on fuel imports.
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The NMDPRA assured consumers that fuel supplies will remain stable throughout the festive period and cautioned against panic buying.