The Nigerian Government has suspended the implementation of a 15 per cent import duty on premium motor spirit and automotive gas oil.
The spokesperson of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, George Ene-Ita, disclosed this in a statement on Thursday.
The country’s downstream oil sector regulator urged Nigerians to avoid panic buying of petrol and diesel, assuring the public of adequate supply nationwide.
“It should also be noted that the implementation of the 15 percent ad valorem import duty on imported premium motor spirit and diesel is no longer in view,” NMDPRA stated.
The statement added, “The Nigerian Midstream and Downstream Petroleum Regulatory Authority assures 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 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 during this 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.
“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.”
Recall that President Bola Ahmed Tinubu, late last month, approved the implementation of a 15 per cent import duty on petrol and diesel to encourage Dangote Refinery.
However, the decision has drawn mixed reactions from economists, stakeholders, and Nigerians.
While some believe it is a good move to encourage Dangote Refinery, others argue that it would further worsen hardship for Nigerians as petrol and diesel prices would rise.