By Lisa Chankat, Nigeria
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the federal government has suspended the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel.
In a statement, the Director, Public Affairs Department, NMDPRA, George Ene-Ita also notes that 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.
The Authority cautioned against hoarding, panic buying, or non-market reflective escalation of prices of petroleum products.
“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.”
While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution.
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