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The Nigerian Federal Government through the Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has shelved the proposed 15 per cent ad-valorem import duty earlier slated for Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel), declaring that the policy is no longer being considered for implementation.
The regulatory body made this known in a statement released on its official X (formerly Twitter) account on Thursday.
Furthermore, the Director of Public Affairs, George Ene-Ita, clarified that the decision to drop the import duty was aimed at stabilising the energy market and protecting consumers from possible price shocks.
“The implementation of the 15 per cent ad-valorem import duty on imported petrol and diesel is no longer in view,” Ene-Ita stated, reaffirming the agency’s commitment to maintaining price stability and ensuring consistent product availability.
President Bola Tinubu had previously approved the introduction of the 15 per cent import duty, a move that had sparked public concern over potential fuel price increases.
However, with the latest announcement, the NMDPRA has effectively suspended the plan, easing fears of higher pump prices.
The authority also assured Nigerians that there is a sufficient supply of petroleum products across the country, despite the current peak in demand.
Ene-Ita explained that a robust distribution framework has been maintained to keep depots and filling stations adequately stocked.
“We have maintained adequate product levels sourced from both local refineries and importation channels to ensure seamless distribution,” he noted.
“The public is advised against panic buying, hoarding, or engaging in any artificial price hikes that could distort the market.”
According to the NMDPRA, its monitoring teams are on ground to oversee product movement nationwide and prevent any disruptions that could affect supply or pricing.
The agency said it remains fully committed to energy security and the smooth operation of Nigeria’s downstream petroleum sector.
Ene-Ita expressed appreciation to all stakeholders in the midstream and downstream value chain for their continued cooperation in ensuring stable fuel availability, especially during periods of high demand.
“The Authority will continue to take proactive regulatory measures to prevent any form of supply disruption,” he added.
“Our collective goal is to guarantee uninterrupted energy access for every Nigerian.”
With this latest development, the NMDPRA’s move is expected to provide relief to consumers and restore confidence in the government’s efforts to keep fuel prices within reasonable limits.