FG Stops Implementation Of 15% Import Duty On Petrol, Diesel

The Federal Government has announced the suspension of the implementation of the 15 percent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel.

This was disclosed in a statement issued on Thursday by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), signed by its Director of Public Affairs, George Ene-Ita.

The Authority also assured Nigerians that there is sufficient supply of petroleum products across the country and advised consumers against panic buying, hoarding, or any arbitrary increase in prices.

According to the statement, the country currently maintains robust domestic supply of petroleum products, including petrol, diesel, and Liquefied Petroleum Gas (LPG), sourced from both local refineries and importation.

This, it said, ensures adequate replenishment of stocks at storage depots and retail outlets during this peak demand period.

“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 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the statement read in part.

NMDPRA assured that it will continue to monitor the supply and distribution chain closely and take appropriate regulatory measures to prevent any disruption across the country.

The Authority also commended stakeholders in the midstream and downstream petroleum value chain for their cooperation and efforts in maintaining a steady supply of products, reaffirming its commitment to safeguarding national energy security.

“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 stakeholders 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,” NMDPRA added.