The Federal Government has suspended the planned enforcement of a 15 percent import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO).
Spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), George Ene-Ita, announced the decision in a statement on Thursday, urging citizens to avoid panic buying of fuel and diesel, while assuring that there is adequate supply across the country.
“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,” the NMDPRA stated.
The statement added, “The Nigerian Midstream and Downstream Petroleum Regulatory Authority assures the general public that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold during this peak 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.”
It will be recalled that President Bola Ahmed Tinubu, late last month, had approved the implementation of the 15 percent import duty on petrol and diesel as part of measures to encourage Dangote Refinery.
However, the move has drawn mixed reactions from stakeholders and Nigerians. While some viewed it as a strategic step to support local refining, others warned that it could aggravate economic hardship by triggering further increases in fuel and diesel prices.
