A 15% import tax on premium motor spirit and automobile gas oil has been halted by the Nigerian government.
This was revealed in a statement released on Thursday by George Ene-Ita, the spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, or NMDPRA.
Nigerians were advised to refrain from panic purchases of gasoline and diesel by the nation’s downstream oil sector regulator, which assured the populace that there would be a sufficient supply across the country.
The NMDPRA added, “It should 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.”
“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,” the statement continued.
To guarantee prompt stock replenishment at storage depots and retail stations throughout this time, there is a strong domestic supply of petroleum products (AGO, PMS, LPG, etc.) sourced from both local refineries and importation.
“The Authority would want to take this opportunity to advise against any stockpiling, panic purchases, or non-market reflective increases in petroleum product prices.
“Especially during this peak demand period, the Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of the supply and distribution of petroleum products across the country.”
“The public is hereby assured of NMDPRA’s commitment to guarantee energy security, while acknowledging the ongoing efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution.”
Recall that in order to support Dangote Refinery, President Bola Ahmed Tinubu authorized the imposition of a 15% import tax on gasoline and diesel late last month.
However, Nigerians, stakeholders, and economists have had differing opinions about the choice.
While some think that supporting the Dangote Refinery is a good idea, others contend that the rising cost of gasoline and diesel will make things worse for Nigerians.
