The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the implementation of the 15 percent ad-valorem import duty is no longer in view.
President Bola Tinubu, on October 21, approved the 15 percent import duty on petrol and diesel.
In a statement on Thursday by George Ene-Ita, NMDPRA’s director, public affairs department, the authority said the duty will not be implemented.
“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,” the statement reads.
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According to the NMDPRA, there is adequate supply of petroleum products across the country, within the acceptable national sufficiency threshold “during this peak demand period”.
“There is 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 statement reads.
“The Authority wishes to use this opportunity to advise against any hoarding panic buying or non-market reflective escalation of prices of petroleum products.”
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The authority said it 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 the high demand period.
NMDPRA also expressed appreciation to all stakeholders in the midstream and downstream value chain for their continued collaboration in maintaining a smooth and uninterrupted supply and distribution process.
According to the statement, the public can be assured of the authority’s unwavering commitment to ensuring energy security across the country.
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