By Abiola Olawale
The Federal Government of Nigeria (FG) has suspended the planned 15% ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel).
The tariff, which was originally approved to protect local refining capacity and ensure energy security, had sparked widespread criticism and warnings of a significant increase in fuel prices and inflation.
Meanwhile, following the public outcry, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has stated that the proposed implementation of a 15 per cent valorem import duty on imported Premium Motor Spirit and Diesel is no longer under consideration.
According to a statement posted on its X handle on Thursday, the Director, Public Affairs Department, NMDPRA, George Ene-Ita, 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.
“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 during this period.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying, or non-market reflective escalation of prices of petroleum products.
“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.
“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.”
