The Nigerian Government has suspended the implementation of a 15 per cent import duty on premium motor spirit and automotive gas oil.
The spokesperson of the Nigerian Midstream and Downstream
Petroleum Regulatory Authority, NMDPRA, George Ene-Ita, disclosed this in a
statement on Thursday.
The country’s downstream oil sector regulator urged
Nigerians to avoid panic buying of petrol and diesel, assuring the public of
adequate supply nationwide.
“It should also be noted that the implementation of the 15
percent ad valorem import duty on imported premium motor spirit and diesel is
no longer in view,” NMDPRA stated.
The statement added, “The Nigerian Midstream and Downstream
Petroleum Regulatory Authority assures the general public that there is an
adequate supply of petroleum products in the country, within the acceptable
national sufficiency threshold during this peak demand 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 Authority wishes to use this opportunity to advise
against any hoarding, panic buying or non-market reflective escalation of
prices of petroleum products.
“The Authority will continue to closely monitor the supply
situation and take appropriate regulatory measures to prevent disruption of
supply and distribution of petroleum products across the country, especially
during this peak demand period.
“While appreciating the continued efforts of all
stakeholders in the midstream and downstream value chain in ensuring a smooth
and uninterrupted supply and distribution, the public is hereby assured of
NMDPRA’s commitment to guarantee energy security.”
Recall that President Bola Ahmed Tinubu, late last month,
approved the implementation of a 15 per cent import duty on petrol and diesel
to encourage Dangote Refinery.
However, the decision has drawn mixed reactions from
economists, stakeholders, and Nigerians.
While some believe it is a good move to encourage Dangote
Refinery, others argue that it would further worsen hardship for Nigerians as
petrol and diesel prices would rise.
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