NMDPRA has released a new update urging Nigerians to remain calm and avoid panic buying of petroleum products. In a press statement, the Authority assured the public that there is adequate supply of products across the country, even as demand increases. According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority, there is a robust domestic supply of AGO, PMS and LPG sourced from both local refineries and importation, which allows for timely replenishment of stocks at depots and retail stations.
The Authority stated that there is no need for hoarding or panic buying, stressing that any non-market reflective escalation of fuel prices is unnecessary. It added that the implementation of the 15 percent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view, a development expected to support market stability. This update comes at a time when fuel supply and energy security remain key national concerns, especially during the peak demand period.
NMDPRA explained that it will continue to monitor the supply situation closely and apply regulatory measures to prevent any disruption in the distribution of petroleum products nationwide. The Authority also acknowledged the efforts of stakeholders across the midstream and downstream value chain for maintaining smooth operations. It further assured Nigerians of its ongoing commitment to safeguarding energy security and ensuring steady access to essential petroleum products. The statement was signed by George Ene-Ita, Director of the Public Affairs Department, NMDPRA.
