FG withdraws 15% fuel import tax, confirms adequate supply
Nigerian Midstream and Downstream Petroleum Regulatory Authority NMDPRA
Abdullateef Fowewe
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has reassured the public of steady availability of petroleum products amid peak demand.
NMDPRA in a statement on Thursday emphasised that “there is adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold.”
Addressing concerns over fuel prices and availability, the Authority highlighted “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.”
NMDPRA further clarified that “the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” dispelling rumours of additional cost burdens on fuel imports.
The Authority also cautioned against market disruptions, urging stakeholders and consumers “to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products,” while committing to “closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution.”
Appreciating the efforts of all involved in the supply chain, NMDPRA affirmed its dedication to maintaining energy security nationwide during this critical period.
