The Federal Government has suspended the proposed 15 per cent ad valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), offering relief to fuel importers and marketers.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed the development in a statement posted on its official X handle on Thursday.
According to the Director of Public Affairs at the Authority, George Ene-Ita, the planned implementation of the duty is “no longer in view.”
He 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 NMDPRA’s clarification followed earlier reports that President Bola Tinubu had approved the introduction of the duty on petrol and diesel imports into the country.
Reassuring Nigerians of stable supply, the Authority stated that petroleum products remain available across the country within the acceptable national sufficiency threshold, even during the current peak demand period.
“There is a robust domestic supply of petroleum products—AGO, PMS, LPG—sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period,” the statement read.
It further cautioned marketers against hoarding, panic buying, or arbitrary price increases, warning that such practices could disrupt market stability.
“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,” Ene-Ita added.
The NMDPRA also expressed appreciation to stakeholders in the midstream and downstream sectors for their continued cooperation in maintaining smooth and uninterrupted distribution, reaffirming its commitment to guaranteeing Nigeria’s energy security.