The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the suspension of the planned 15 percent ad-valorem import duty on Premium Motor Spirit (PMS) commonly known as petrol and diesel.

In a statement posted signed by the Director, Public Affairs Department, NMDPRA, George Ene-Ita on Thursday, the authority said that  the import duty implementation was no longer in view.

President Bola Tinubu had approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria in October.

Ene-Ita also assured all that there was an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.

The director appreciated the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution.

He said the authority would continue to closely monitor the supply situation and take appropriate  regulatory measures to prevent distruption of supply and distribution of petroleum products nationwide.
“The public is hereby assured of NMDPRA’s commitment to guarantee energy security,” Ene-Ita said.

In October, President Bola Tinubu approved a 15 per cent import duty on petrol and diesel.

The government stated that the directive aimed to “strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria.”

The government said implementation of the tariff would begin in a month’s time, after its approval.