The Federal Government has suspended the proposed 15 percent import duty on Premium Motor Spirit (PMS) and diesel, earlier approved for implementation under the ad-valorem system.
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The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) announced the decision in a statement released on Thursday by its Director of Public Affairs, George Ene-Ita.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
According to the NMDPRA, the plan to introduce the levy on imported petrol and diesel is “no longer in view,” easing concerns among fuel importers and consumers about possible price increases.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The agency assured Nigerians that there is an adequate supply of petroleum products across the country, noting that both locally refined and imported products have kept reserves above the national sufficiency threshold.
“There is a robust domestic supply of petroleum products sourced from local refineries and imports to ensure timely replenishment of stocks,” the statement read.
The Authority also warned against hoarding, panic buying, or artificial price hikes, urging marketers to maintain normal operations.
It reaffirmed its commitment to monitoring the supply and distribution chain closely to prevent shortages, particularly during this peak demand period, and thanked stakeholders in the downstream sector for their cooperation in ensuring energy stability.
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