The Federal Government has suspended the implementation of the 15 per cent import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed this in a statement on Thursday, assuring Nigerians of sufficient fuel supply across the country.
“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported PMS and diesel is no longer in view,” the agency’s spokesperson, George Ene-Ita, stated.
NMDPRA urged citizens to shun panic buying or hoarding, stressing that there is adequate stock to meet national demand.
“The Authority assures the general public that there is an adequate supply of petroleum products within the acceptable national sufficiency threshold during this peak demand period,” the statement read.
It added that the country currently enjoys a “robust domestic supply” sourced from both local refineries and imports to ensure uninterrupted distribution at depots and retail outlets nationwide.
The regulator also warned against arbitrary price hikes, vowing to monitor supply and enforce stability in the market.
“While appreciating the continued efforts of stakeholders, the public is assured of NMDPRA’s commitment to guarantee energy security,” it said.
Recall that President Bola Ahmed Tinubu had last month approved the implementation of a 15 per cent import duty on petrol and diesel, a move aimed at encouraging local refining, particularly the Dangote Refinery.
The policy, however, sparked mixed reactions from economists and industry stakeholders. While some lauded it as a boost for local production, others warned it could worsen economic hardship by pushing fuel prices higher.
