FG halts implementation of 15% import duty on petrol, diesel

The Federal Government has suspended plans to implement the proposed 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel).

This was disclosed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in a statement posted on its X handle on Thursday.

According to the Director of Public Affairs, George Ene-Ita, “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 move comes after President Bola Tinubu had earlier approved the introduction of the duty on petrol and diesel imports into the country.

The NMDPRA assured Nigerians of adequate fuel supply across the nation, stating that petroleum product availability remains within acceptable national sufficiency levels, even amid increased demand.

“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 at storage depots and retail stations,” the Authority stated.

The regulator also warned against hoarding, panic buying, or arbitrary price hikes, stressing that it would continue to monitor the situation and take appropriate regulatory measures to maintain stability in fuel distribution nationwide.

Appreciating stakeholders in the sector for their cooperation, the NMDPRA reaffirmed its commitment to ensuring uninterrupted fuel supply and safeguarding Nigeria’s energy security.

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