The Nigerian Government has suspended the implementation of a 15% import tax on premium motor spirit and automotive gas oil.
This was revealed in a statement released on Thursday by George Ene-Ita, the spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, or NMDPRA.
Nigerians were advised to refrain from panic purchases of petrol and diesel by the nation’s downstream oil sector regulator, which assured the populace that there would be a sufficient supply across the country.
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“It should also be noted that the implementation of the 15% 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.
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“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 late last month, President Bola Ahmed Tinubu authorised the imposition of a 15% import tax on petrol and diesel in order to support the Dangote Refinery.
The decision has however drawn mixed reactions from economists, stakeholders, and Nigerians.
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