The Federal Government has suspended the planned implementation of a 15 per cent import duty on premium motor spirit (PMS) and automotive gas oil (diesel), earlier approved to encourage local refining.
The announcement was made on Thursday by George Ene-Ita, spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
In a statement, the agency urged Nigerians to avoid panic buying, assuring the public of adequate petroleum product supply across the country.
“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” the statement read.
The NMDPRA further explained that there is sufficient stock of petrol, diesel, and liquefied petroleum gas (LPG) sourced from both local refineries and importation, ensuring continuous replenishment at depots and retail outlets.
“The Authority assures 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,” it added.
The regulator also warned marketers against hoarding or inflating prices, emphasizing that it will continue to monitor supply and take regulatory measures to prevent disruptions in distribution nationwide.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement concluded.
Recall that President Bola Ahmed Tinubu had, late last month, approved a 15 per cent import duty on petrol and diesel to encourage domestic refining, particularly by Dangote Refinery. The policy, however, drew mixed reactions from Nigerians—while some viewed it as a positive step toward self-sufficiency, others warned it could worsen economic hardship by driving up fuel prices.