The Federal Government has suspended the proposed 15% ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel).
In a statement posted on Thursday via its official X handle, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) confirmed that the planned implementation of the levy “is no longer in view.”
According to George Ene-Ita, Director of Public Affairs at the NMDPRA, the Authority reassured Nigerians that there is sufficient supply of petroleum products nationwide to meet demand during this peak 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 outlets,” the statement read.
The NMDPRA also cautioned marketers against hoarding, panic buying, or arbitrary price increases, warning that such actions would not be tolerated.
The Authority further pledged to continue monitoring the market closely and to take necessary regulatory measures to prevent disruptions in the supply and distribution of petroleum products across the country.
While commending stakeholders in the midstream and downstream sectors for their cooperation, the NMDPRA reaffirmed its commitment to maintaining energy security and ensuring uninterrupted fuel availability nationwide.