The federal government has suspended the implementation of the proposed 15 per cent import tax on petrol and diesel.
In a statement issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), it was clarified that the 15 per cent ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO) is no longer in view.
The NMDPRA, in its statement signed by the Director of Public Affairs, Mr George Ene-Ita, assured Nigerians that there is adequate supply of petroleum products in the country to meet demand during this peak period.
It emphasized that the domestic supply remains robust, with products sourced from both local refineries and importation to ensure timely replenishment of stocks at depots and retail stations.
The authority advised against panic buying, hoarding, or any non-market reflective increase in fuel prices, noting that such actions could create unnecessary market instability.
“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent any disruption of supply and distribution of petroleum products across the country,” the statement read.
NMDPRA also commended stakeholders in the midstream and downstream sectors for their continued efforts to maintain smooth operations, assuring the public of its commitment to guarantee energy security and stable supply of petroleum products nationwide.