The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15 per cent ad-valorem import duty on imported Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) will no longer be implemented.
The Authority disclosed this in a statement released on Thursday through its Director, Public Affairs Department, George Ene-Ita, on its official X handle.
“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,” Ene-Ita stated.
President Bola Tinubu had earlier approved the introduction of the import duty as part of broader fiscal policy adjustments.
Reassuring Nigerians of steady fuel supply, the NMDPRA said the nation currently maintains adequate petroleum product reserves within acceptable sufficiency thresholds, despite increased demand during the 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 statement added.
The agency cautioned against hoarding, panic buying, or arbitrary price increases, warning that such actions could distort the downstream market.
It further assured that the Authority will continue to monitor the supply and distribution chain closely to prevent any form of disruption, particularly during this period of heightened demand.
While commending stakeholders in the midstream and downstream petroleum value chain for their cooperation, the NMDPRA reaffirmed its commitment to maintaining energy security and ensuring uninterrupted supply across the country.
