The Federal Government has suspended the planned implementation of a 15 percent import duty on premium motor spirit (petrol) and automotive gas oil (diesel).
This was disclosed in a statement on Thursday by George Ene-Ita, spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The regulator urged Nigerians to refrain from panic buying, assuring that there is sufficient supply of petroleum products across the country.
“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” the statement read.
NMDPRA added that the country currently has adequate stock of petrol, diesel, and liquefied petroleum gas from both local refineries and importation, ensuring consistent replenishment of depots and retail outlets.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products,” it said.
The agency reaffirmed its commitment to monitor supply and distribution closely to prevent shortages, especially during the current peak demand period.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.
President Bola Tinubu had earlier approved the 15 percent import duty to encourage production at the Dangote Refinery. The decision, however, generated mixed reactions from economists and stakeholders, with some supporting the move while others warned it could worsen hardship by pushing fuel prices higher.
