Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15 percent ad-valorem import duty on petrol and diesel will no longer be implemented, reversing an earlier approval by President Bola Ahmed Tinubu.
Gatekeepers News reports that in a statement issued on Thursday by George Ene-Ita, Director of Public Affairs at the NMDPRA, the agency confirmed that the new tariff on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) has been shelved.
The statement reads, “It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”
The authority assured Nigerians that there is sufficient fuel supply nationwide, maintaining that current stock levels remain above the national sufficiency threshold despite increased demand.
It said, “There is 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 agency cautioned against hoarding, panic buying, or arbitrary price hikes by marketers, emphasising that such practices are unnecessary given the stable supply conditions.
It further pledged to continue monitoring fuel distribution across the country to prevent any disruptions during the ongoing high-demand period.
NMDPRA also commended stakeholders within the midstream and downstream sectors for their collaboration in maintaining stability within the energy supply chain.
It concluded by reaffirming its unwavering commitment to ensuring energy security and the uninterrupted flow of petroleum products across Nigeria.
