By David Akinmola
The Federal Government has suspended the 15 per cent import duty on petroleum products in a bid to stabilise fuel supply and ease pressure on the domestic market.
The move, announced yesterday by senior government officials, is expected to reduce landing costs for importers, improve market liquidity and address concerns over intermittent supply gaps across several states.
According to the government, the suspension takes immediate effect and will remain in place until market conditions improve. Officials said the decision followed weeks of consultations with fuel marketers, depot owners and industry regulators who warned that high import charges were discouraging product inflows.
A senior official at the Ministry of Petroleum Resources confirmed that the duty waiver is aimed at preventing disruptions ahead of the festive season and ensuring consistent supply nationwide. “We are taking decisive steps to stabilise the market. With this suspension, we expect improved import volumes and uninterrupted distribution,” the official said.
Fuel marketers have long complained that the tariff, combined with rising freight charges and global price volatility, made it difficult to maintain steady imports. They say the suspension will help restore confidence and ease cost pressures.
Major Oil Marketers Association of Nigeria (MOMAN) sources said the measure could reduce pump price pressure, although the extent will depend on global oil prices and exchange rate conditions.
Energy analyst Dr. Samuel Oladimeji said the suspension signals government’s effort to avert potential scarcity. “If import costs drop, more marketers will participate, improving availability. The key now is ensuring transparent allocation and efficient distribution,” he noted.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also assured the public of sufficient stock levels, adding that monitoring teams have been deployed to ensure product flows across all regions.
The government urged Nigerians not to panic-buy, insisting that the market is adequately supplied and that further measures will be taken to maintain stability in the coming months.
