The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15 per cent ad-valorem import duty on imported Premium Motor Spirit (PMS) and diesel will no longer be implemented.

In a statement released on Thursday via its official X (Twitter) handle, the Director of Public Affairs, George Ene-Ita, clarified that the proposed tariff was no longer under consideration.

“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,” Ene-Ita stated.

This comes after earlier reports that President Bola Tinubu had approved the introduction of the 15 per cent import duty on petrol and diesel imports into the country.

NMDPRA assured Nigerians that the supply of petroleum products remains stable and sufficient to meet national demand during the current peak consumption period.

“There is a 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 read.

The agency further cautioned against hoarding, panic buying, or arbitrary price increases, adding that it would continue to monitor supply and take necessary regulatory steps to ensure stability in distribution nationwide.

NMDPRA also expressed appreciation to stakeholders across the midstream and downstream sectors for their continued cooperation and commitment to ensuring uninterrupted fuel supply across the country.