The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the 15 percent import duty on imported petroleum products is suspended and also warned the public against panic buying, adding that it presently has enough petroleum products in Nigeria to meet demands.
This was made known on Thursday in a statement titled “NMDPRA Advises Against Panic Buying Of Any Petroleum Product,” which was signed by the Director, Public Affairs Department, NMDPRA, George Ene-Ita.
The statement reads as follows: “The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to assure the general public that there is adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold during this peak demand period.
“There is 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.
“It should also 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 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.”
More details later.