The Federal Government has shelved its earlier plan to introduce a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced.
In a statement issued on Thursday via its official X handle, the Director of Public Affairs, NMDPRA, George Ene-Ita, confirmed that the proposed duty was no longer under consideration.
“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.
The suspension follows an earlier report that President Bola Tinubu had approved the introduction of the import duty as part of fiscal adjustments in the petroleum downstream sector.
Reassuring Nigerians of stable fuel supply, the NMDPRA disclosed that petroleum products are available in sufficient quantities nationwide, sourced from both local refineries and imports.
“There is a robust domestic supply of petroleum products — AGO, PMS, LPG, among others — sourced from local refineries and importation to ensure timely replenishment of stocks at depots and retail stations during this peak demand period,” the statement noted.
The agency cautioned against panic buying, product hoarding, or arbitrary price hikes, warning that such practices could disrupt market stability.
“The Authority will continue to monitor the supply situation closely and take necessary regulatory measures to prevent any disruption in the distribution of petroleum products across the country, especially during this period of high demand,” it added.
While appreciating the cooperation of stakeholders in the petroleum value chain, NMDPRA reaffirmed its commitment to maintaining energy security and ensuring uninterrupted fuel availability across the nation.
