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The Nigerian government, via the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has announced the suspension of the planned 15 per cent ad valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly referred to as petrol and diesel.
In a statement released on Thursday, the Authority reassured citizens that there is an adequate supply of petroleum products nationwide, even amid the heightened demand during this peak season.
“It should 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 regulator stated.
Last month. President Tinubu sanctioned a 15 per cent ad valorem import duty on diesel and petrol, a decision oil marketers have described as challenging and likely to raise petroleum product prices.
The NMDPRA said both local refineries and import channels are ensuring a “robust and steady” supply of petroleum products, including PMS, AGO, and Liquefied Petroleum Gas (LPG), to keep the market stable and ensure retail outlets are sufficiently stocked.
The Authority also highlighted that it is closely monitoring the supply and distribution systems nationwide to avert any disruptions or artificial shortages.
Additionally, the NMDPRA warned marketers and depot operators against hoarding, panic buying, or arbitrary price hikes that do not align with market conditions, emphasising that such actions could jeopardise stability in the downstream sector.
