The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and diesel will no longer be implemented.
The authority made this known in a statement released on its X handle on Thursday, November 13.
The Director of Public Affairs Department, NMDPRA, George Ene-Ita, said, “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.”
Earlier reports had indicated that President Bola Tinubu had approved the introduction of the duty on fuel and diesel imports.
Ene-Ita, however, assured Nigerians that the country currently has enough petroleum products to meet demand during the peak consumption season.
“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,” the statement read.
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He urged marketers and the public to avoid hoarding, panic buying, or arbitrary price increases, warning that such practices could disrupt market stability.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products,” he said.
Ene-Ita added that NMDPRA would continue to monitor product availability across the country and take appropriate steps to prevent supply disruption.
“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,” he explained.
He commended all stakeholders in the oil and gas value chain for their efforts in ensuring smooth operations, reaffirming the authority’s commitment to maintaining national energy security.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement concluded.