The Federal Government has suspended the planned implementation of a 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel).
This was announced on Thursday by the spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), George Ene-Ita, in a statement.
Ene-Ita assured Nigerians that there is sufficient supply of petroleum products across the country and urged citizens to avoid panic buying or hoarding.
“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported petrol motor spirit and diesel is no longer in view,” the statement read in part.
The NMDPRA said there is a robust domestic supply of petroleum products—including petrol, diesel, and liquefied petroleum gas—sourced from both local refineries and importation to ensure timely replenishment of stocks at depots and retail outlets.
The Authority also warned marketers against hoarding or arbitrary price hikes, adding that it would continue to monitor the market to maintain stability during the current peak demand period.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.
