Nigerian Government Suspends 15% Import Duty on Fuel to Ensure Stability

The Nigerian government has suspended the proposed 15% import duty on petrol and diesel to maintain stable fuel supply and alleviate concerns about price increases. The move by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) aims to ensure sufficient domestic petroleum product availability during the peak consumption period.

The government warns against panic buying and hoarding, emphasizing the country's ability to meet demand through local refining and imports. Georg Enita, the Director of Public Affairs at NMDPRA, assures strict monitoring of the petroleum distribution network to prevent supply disruptions.