FG SUSPENDS PLANNED 15% IMPORT DUTY ON PETROL, DIESEL
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By: Sefiu Ajape
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified that the proposed implementation of the 15 percent ad valorem import duty on imported Premium Motor Spirit (PMS) and Diesel is no longer being considered.
In a statement shared on its X handle on Thursday, the Director of the Public Affairs Department, George Ene-Ita, stated that “it should also be noted that the implementation of the 15 percent ad valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”
Earlier reports indicated that President Bola Tinubu had approved the introduction of a 15 percent ad valorem import duty on petrol and diesel imports into Nigeria.
The Authority also assured Nigerians of sufficient petroleum product availability within the acceptable national sufficiency threshold during the current peak demand period.
According to the statement, “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.”
It further urged marketers and consumers to avoid panic buying, hoarding, or arbitrary price increases, saying, “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 NMDPRA added that it will continue to monitor the market closely to ensure uninterrupted supply and distribution across the country.
**“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 concluded.
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