FEDERAL GOVERNMENT STOPS IMPLEMENTATION OF 15% IMPORT DUTY ON PETROLUEM PRODUCTS

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday said it is no longer considering implementing the planned 15 per cent duty on imported petroleum products.
The development was announced by the Director, Public Affairs Department, of the authority, George Ene-Ita, warning the public to shun panic buying.
Recall, 29th October, President Bola Tinubu approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
The policy aimed to protect and promote local refineries, however Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to ₦150 per litre or more.