The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the cancellation of the proposed 15 per cent import duty on Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), popularly called diesel.
In a statement issued on Thursday, the Director of Public Affairs, George Ene-Ita, clarified that the previously planned 15 per cent ad valorem import duty on the two products was no longer being considered.
Ene-Ita stated, “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.”
The announcement comes after President Bola Tinubu had earlier approved the introduction of a 15 per cent import duty on petrol and diesel imports into the country.
The NMDPRA, however, assured Nigerians that there is adequate supply of petroleum products nationwide, maintaining that the country remains within acceptable national sufficiency thresholds even during this period of increased demand.
“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 statement read.
The Authority also cautioned against hoarding, panic buying, or arbitrary price increases, noting that it would continue to closely monitor the market and take regulatory measures to prevent any disruption in supply and distribution.
While commending industry stakeholders for their continued collaboration, the NMDPRA reaffirmed its commitment to ensuring energy security and uninterrupted product availability across the country.
