The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that the proposed implementation of a 15% ad valorem import duty on imported premium motor spirit and diesel is no longer being considered.
According to a statement released on its X account on Thursday, the Director of the Public Affairs Department, NMDPRA, George Ene-Ita, stated, “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 sight.”
President Bola Tinubu has approved the imposition of a 15% ad valorem import duty on fuel and diesel imported into Nigeria.
NMDPRA also assured everyone that the country has an adequate supply of petroleum products, which is within the acceptable national sufficiency criterion, during this high demand period.
“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 Authority wishes to use this opportunity to advise against any hoarding, panic buying, or non-market reflective escalation of prices of petroleum products.
“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 a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement read.
