The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged Nigerians to remain calm and refrain from panic buying of petroleum products, assuring that there is “adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold during this peak demand period.”
NMDPRA gave the assurance in a statement shared on its X on Thursday and signed by the Director of Public Affairs Department, George Ene-Ita.
The authority said 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 regulator cautioned against hoarding or any “non-market reflective escalation of prices of petroleum products,” stressing that such practices are unnecessary given the current supply levels.
The NMDPRA clarified that “the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” a move likely to ease market pressures and stabilise pump prices.
Reassuring Nigerians of its oversight role, the authority stated that it “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.”
The statement concluded by commending stakeholders in the sector for their cooperation and reaffirmed NMDPRA’s “commitment to guarantee energy security.”
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