Following the recent 15 per cent import tax on petroleum products signed by President Bola Tinubu, the Federal Government, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has announced that the import duty is no longer in view.
In a Thursday statement signed by George Ene-Ita, Director of the Public Affairs department of the NMDPRA, the agency warned consumers against hoarding, panic buying, or non-market reflective price escalation of petroleum products, while dismissing fears of a fuel hike due to the import tax.
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.
“There is robust domestic supply of petroleum products (AGO, PMS, LPG etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.”
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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.”
“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.
“While appreciating the continued efforts of all takeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement concluded
