The Federal Government has suspended the planned implementation of the 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (diesel).
This was disclosed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in a statement posted on its official X account on Thursday.
According to the statement signed by George Ene-Ita, Director, Public Affairs Department of the NMDPRA, the proposed import duty “is no longer in view.”
“It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the statement read.
President Bola Tinubu had earlier approved the introduction of the 15 per cent duty on petrol and diesel imports.
The NMDPRA, however, assured Nigerians that there is adequate supply of petroleum products across the country and urged against panic buying or hoarding.
“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc.), sourced from both local refineries and importation, to ensure timely replenishment of stocks at storage depots and retail stations during this period,” Ene-Ita said.
Agency cautions marketers
The agency also cautioned marketers against artificial price increases.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying, or non-market reflective escalation of prices of petroleum products,” it stated.
It added that the regulatory body would continue to monitor the supply chain to prevent any disruption in distribution, particularly during the current high-demand period.
“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement concluded.
