The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the earlier approved 15 percent ad-valorem import duty on petrol and diesel will no longer be implemented.
President Bola Tinubu had, on October 21, approved the duty as part of government fiscal measures affecting petroleum products.
However, in a statement issued on Thursday by George Ene-Ita, Director of Public Affairs at the NMDPRA, the authority confirmed that the implementation of the duty has been shelved.
“It should be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) is no longer in view,” the statement read.
The NMDPRA assured Nigerians that there is sufficient petroleum product supply nationwide, particularly during this high-demand period.
“There is robust domestic supply of petroleum products — AGO, PMS, LPG, among others — sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations,” the agency stated.
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The authority also cautioned against hoarding, panic buying, or arbitrary increases in pump prices, stressing that such actions are unnecessary given the current stock levels.
Furthermore, the NMDPRA said it remains vigilant in monitoring the supply chain and will take regulatory actions to prevent any disruption in distribution across the country.
Expressing appreciation to stakeholders in the midstream and downstream sectors, the agency commended their cooperation in maintaining steady fuel availability nationwide.
“The public is assured of the Authority’s unwavering commitment to ensuring energy security and a seamless supply of petroleum products across the country,” the statement concluded.