The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA has announced the suspension of the 15% ad-valorem import duty on Premium Motor Spirit, PMS and Automotive Gas Oil, AGO popularly known as diesel, assuring Nigerians of adequate fuel supply nationwide.
In a statement signed by the Director of Public Affairs, George Ene-Ita, the Authority said there is no cause for panic buying, as petroleum products remain available within the acceptable national sufficiency threshold, even during this peak demand period.
The NMDPRA explained that the country currently enjoys robust domestic supply of petroleum products including PMS, AGO, and Liquefied Petroleum Gas, LPG sourced from both local refineries and importation, to ensure timely replenishment of stocks at depots and retail stations.
It cautioned against hoarding, panic buying, or arbitrary price increases, emphasising that the Authority will continue to monitor the market and take appropriate regulatory actions to prevent any disruption in supply and distribution.
While appreciating the cooperation of stakeholders in the midstream and downstream sectors, the NMDPRA reiterated its commitment to ensuring energy security and smooth distribution of petroleum products across the country.
(Editor: Terverr Tyav)
