The Federal Government has officially withdrawn the recently announced 15 per cent import duty on petroleum products, easing public concerns over a possible increase in fuel prices. The clarification came on Thursday through a statement issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, signed by George Ene-Ita, Director of the Public Affairs department.
The announcement followed anxiety among consumers after President Bola Tinubu earlier approved the ad-valorem tax on Premium Motor Spirit and Diesel. The NMDPRA, however, confirmed that the levy will no longer be implemented, urging Nigerians to avoid panic buying, hoarding or price speculation.
The statement reads, “The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to assure the general public that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold during this peak demand period.”
The Authority explained that there is a stable domestic supply of petroleum products, including AGO, PMS and LPG, sourced from both local refineries and importation. It stated that ongoing replenishment of stocks at depots and retail stations will continue to support the country’s energy demand.
The statement added, “The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products. It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.”
NMDPRA further stated that it will keep monitoring the supply situation to ensure there is no disruption across the distribution chain during the high-demand period.
While acknowledging the role of stakeholders in maintaining steady fuel distribution, the Authority assured Nigerians of its commitment to safeguarding energy security and sustaining a reliable supply system nationwide.
