The Federal Government has suspended the proposed implementation of a 15 per cent ad valorem import duty on Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel).
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed this in a statement issued on Thursday via its official X handle and signed by its Director of Public Affairs, George Ene-Ita.
“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 statement read.
The decision follows reports that President Bola Tinubu had earlier approved the introduction of the 15 per cent duty on petrol and diesel imports into Nigeria.
Reassuring the public of sufficient petroleum supply across the country, NMDPRA said there was no need for panic buying or hoarding of products.
“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 stated.
It added that the agency would continue to monitor the supply and distribution network to prevent disruptions, especially during the peak demand period.
The NMDPRA further urged marketers and consumers to maintain market stability and avoid unnecessary price increases, assuring that it remains committed to ensuring energy security and a steady supply of petroleum products nationwide.