The Federal Government has suspended the proposed 15 per cent ad-valorem import duty earlier approved for Premium Motor Spirit and Automotive Gas Oil.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority confirmed the suspension in a statement released on Thursday through its Director of Public Affairs, George Ene-Ita.
“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 statement posted on the Authority’s X handle read.
The duty had been approved by President Bola Tinubu as part of adjustments in the downstream sector, but the latest announcement means the policy will no longer proceed.
The Authority also assured Nigerians that the country has a healthy supply of petrol, diesel, LPG and other petroleum products. It noted that stocks sourced from local refineries and imports are sufficient to meet demand during the current peak period.
“There is a robust domestic supply of petroleum products to ensure timely replenishment of stocks at storage depots and retail stations during this period,” the statement added.
NMDPRA urged marketers to avoid hoarding or arbitrary price increases, warning that it will take necessary regulatory action to prevent supply disruptions across the country.
While appreciating operators in the midstream and downstream sector for maintaining steady distribution, the agency reaffirmed its commitment to ensuring energy security nationwide.
