By Charles Pemu 
The proposed implementation of a 15 percent ad-valorem import duty on imported Premium Motor Spirit (PMS, or petrol) and Diesel is officially off the table, according to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The Authority confirmed the reversal in a statement posted on its X handle on Thursday, citing the Director of the Public Affairs Department, George Ene-Ita.
“It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the statement read.
This announcement comes after President Bola Tinubu had previously approved the introduction of the 15 percent import duty on both petrol and diesel. The levy would have significantly increased the landing cost of the fuels, raising concerns among consumers about potential price hikes at the pump.
Alongside the policy reversal, the NMDPRA moved to reassure the public about product availability during the current peak demand period.
The Authority stated that there is a robust domestic supply of petroleum products, including AGO (diesel), PMS (petrol), and LPG, sourced from both local refineries and imports. This supply is deemed within the acceptable national sufficiency threshold to ensure timely replenishment of stocks at depots and retail stations.
The NMDPRA used the opportunity to advise the public against any hoarding, panic buying, or non-market reflective escalation of prices of petroleum products. The Authority affirmed its commitment to closely monitor the supply situation and take appropriate regulatory measures to guarantee energy security across the country.