The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the Federal Government has suspended the planned implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.
In a statement issued by the Director of the Public Affairs Department, George Ene-Ita, the Authority said the decision aims to stabilize the supply and distribution of petroleum products across the country, particularly during the ongoing period of high demand.
Ene-Ita emphasises that the NMDPRA will continue to monitor the supply situation and take appropriate regulatory measures to prevent any form of disruption in the market.
“There is robust domestic supply of petroleum products, including AGO, PMS, and LPG sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations,” the statement read.
The Authority also cautions against hoarding, panic buying, or arbitrary price increases, stressing that such actions are not reflective of market realities and can undermine stability in the downstream sector.
NMDPRA further appreciates the efforts of stakeholders in the midstream and downstream petroleum value chain for their cooperation in maintaining smooth and uninterrupted supply and distribution nationwide.
