The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed implementation of a 15 per cent ad valorem import duty on imported Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) will no longer proceed.
The development was disclosed in a statement issued on Thursday by the Director of Public Affairs, George Ene-Ita, via the agency’s official X 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,” the statement read in part.
Earlier reports had indicated that President Bola Tinubu approved the introduction of the duty on fuel imports to enhance government revenue. However, the NMDPRA’s latest position signals a reversal of that plan.
The agency also assured Nigerians of sufficient petroleum product supply across the country during the current peak demand period, stating that national stock levels remain within the acceptable sufficiency threshold.
“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,” the statement noted.
The authority warned against hoarding, panic buying, or arbitrary price increases, saying it would continue to monitor supply and distribution closely to prevent any disruption.
“The Authority wishes to advise against hoarding, panic buying, or non-market reflective escalation of prices of petroleum products. We will continue to monitor the supply situation and take appropriate regulatory measures to prevent disruption,” it stated.
While commending stakeholders in the oil value chain for ensuring stability in product distribution, NMDPRA reaffirmed its commitment to guaranteeing energy security and maintaining uninterrupted supply nationwide.
