The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15% import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel, is no longer under consideration.
The Authority made this known in a statement issued on Thursday, reassuring Nigerians that there is sufficient supply of petroleum products across the country despite the rising demand during the current peak season.
“It should be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the regulator stated.
According to the statement, the NMDPRA said that both domestic refineries and importation channels are providing a “robust and steady” inflow of petroleum products, including PMS, AGO, and Liquefied Petroleum Gas (LPG), to ensure the market remains stable and retail stations are adequately stocked.
It further noted that the Authority is maintaining close surveillance of supply and distribution networks nationwide to prevent any disruptions or artificial scarcity.
“There is a robust domestic supply of petroleum products (AGO, PMS, LPG etc) sourced from both local refineries and importation to ensure timely replenishment of stocks and storage deposits at retail stations during this period,” it added.
NMDPRA also cautioned marketers and depot operators against hoarding, panic buying, or arbitrary price increases that are not market-reflective, stressing that such practices could undermine stability in the downstream sector.
