The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has confirmed the suspension of the proposed 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), popularly known as petrol and diesel.
In a statement posted on its official X (formerly Twitter) account on Thursday, the authority reassured consumers and industry stakeholders that the duty will no longer be implemented, easing fears over potential fuel price hikes.
Mr. George Ene-Ita, Director of the Public Affairs Department at NMDPRA, said, “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 suspension effectively nullifies earlier reports that President Bola Tinubu had approved the introduction of the levy.
The proposed duty had sparked widespread debate, with experts warning that it could inflate petroleum prices further, worsen living costs, and disrupt supply chains.
Ene-Ita, however, emphasized that Nigeria currently has sufficient petroleum products to meet domestic demand, especially during the year-end peak consumption period.
“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc.) sourced from both local refineries and imports to ensure timely replenishment of stocks at storage depots and retail stations during this period,” he stated.
The authority also cautioned marketers and the public against panic buying, hoarding, or arbitrary price hikes, stressing that such practices could destabilize the market.
“The Authority wishes to advise against any hoarding, panic buying, or non-market reflective escalation of prices of petroleum products. Such practices undermine the collective effort to maintain steady supply and price stability,” Ene-Ita said.
He further assured Nigerians that NMDPRA would continue strict monitoring of the petroleum distribution network to guarantee availability across the country.
“The Authority 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,” he added.
Ene-Ita noted that NMDPRA is collaborating with marketers, depot owners, and transporters to sustain an efficient and transparent supply system, highlighting the importance of collective stakeholder effort in ensuring national energy security.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” he concluded.
