The federal government has announced the suspension of the proposed implementation of the 15 per cent of valorem import duty on imported petrol and Diesel.
TheHintsNews reports that President Bola Tinubu had approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.
However, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in a statement issued Thursday by the Director, Public Affairs Department, George Ene-Ita assured that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.
Ene-Ita added that 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.
He noted: “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 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.”