By Peter Omopo
The Federal Government has suspended the planned implementation of a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel).
The development was announced on Thursday by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) through a statement signed by its Director of Public Affairs, George Ene-Ita, and posted on the agency’s official X (formerly Twitter) handle.
“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.
Earlier reports had indicated that President Bola Tinubu had approved the introduction of the import duty as part of wider fiscal reforms to boost government revenue. However, the latest clarification by the NMDPRA suggests that the policy has been shelved following consultations with key industry stakeholders.
The Authority also assured Nigerians that there is adequate supply of petroleum products across the country, maintaining that current reserves are sufficient to meet national demand during the peak consumption period.
“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 depots and retail stations during this period,” the statement read.
The NMDPRA cautioned against panic buying, hoarding, and arbitrary price increases by marketers, warning that such actions could disrupt the stability of the downstream sector.
“The Authority wishes to advise against any hoarding, panic buying, or non-market reflective escalation of prices. We will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution nationwide,” the agency added.
The regulator expressed appreciation to stakeholders in the midstream and downstream petroleum value chain for their cooperation and reaffirmed its commitment to ensuring energy security and uninterrupted fuel distribution across Nigeria.
