The Federal Government has suspended the planned implementation of a 15 per cent ad valorem import duty on Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly known as diesel.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the suspension in a statement released on Thursday via its official X handle. The statement, signed by the Authority’s Director of Public Affairs, George Ene-Ita, clarified that the proposed duty was “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.
The clarification comes amid reports that President Bola Tinubu had earlier approved the introduction of the 15 per cent import duty on petrol and diesel.
Reassuring Nigerians of stable petroleum supply nationwide, the NMDPRA urged citizens to desist from panic buying or hoarding of products.
“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 agency stated.
The NMDPRA added that it would continue to closely monitor supply and distribution networks to prevent any form of disruption, particularly during the current period of high demand.
It also appealed to marketers and consumers to maintain market stability and avoid arbitrary price increases, reaffirming its commitment to ensuring energy security and an uninterrupted supply of petroleum products across the country.
