The Federal Government has suspended the planned 15% ad valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), commonly known as petrol and diesel.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which announced the suspension on Thursday, said the measure would help stabilise prices and ensure adequate fuel availability across the country during the festive season.
In a statement signed by the Director of Public Affairs, George Ene-Ita, the Authority assured Nigerians that there is “a robust domestic supply of petroleum products” sourced from both local refineries and importers to meet growing demand.
“It should 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 read.
The agency cautioned against hoarding or panic buying, warning that such practices could disrupt the distribution chain.
“The Authority advises against hoarding, panic buying or non-market reflective escalation of prices. We will continue to monitor supply and take appropriate measures to prevent disruptions,” Ene-Ita said.
Fuel Availability During Festive Season
The reassurance comes amid fears of scarcity and price hikes as December approaches — a period typically marked by high fuel consumption and logistical challenges.
The NMDPRA said both local and imported supplies of petrol, diesel, and Liquefied Petroleum Gas (LPG) remain strong, with continuous replenishment of depot stocks nationwide.
President Bola Tinubu had in October approved the introduction of a 15% import duty on petroleum products — a move that triggered backlash from oil marketers, who warned it could worsen pump prices and transportation costs.
Analysts say the suspension is a strategic step to ease inflationary pressures and prevent disruptions ahead of the Christmas and New Year festivities.
Monitoring And Enforcement
The Authority said it would maintain strict oversight of depots and retail stations to discourage sharp practices and artificial shortages.
“We are closely monitoring supply and distribution systems nationwide to avert any disruptions,” the statement added. “The public is hereby assured of NMDPRA’s commitment to guaranteeing energy security.”
Marketers and depot operators were also reminded of their responsibility to maintain transparency in pricing and ensure fair access to petroleum products.
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