In a recent clarification, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced that the previously planned 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and diesel imports will not be implemented.
According to a statement shared on NMDPRA’s official X handle on Thursday, George Ene-Ita, the Director of Public Affairs, 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.”
Okay News reports that this comes shortly after earlier reports that President Bola Ahmed Tinubu had approved the introduction of the duty as part of government revenue measures. However, the latest statement indicates a reversal of that plan, providing relief to fuel importers and consumers alike.
NMDPRA further assured Nigerians that there is a sufficient domestic supply of petroleum products across the country, even during this peak demand period. The Authority highlighted that both locally refined and imported fuels are being stocked at storage depots and retail stations to meet consumption needs.
The statement read, “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.
