FG Suspends Implementation of 15% Petro Import Duty, Urges Nigerians to Refrain From Panic Purchase of Gasoline, Diesel

By: Israel Adeleke

OPEN TELEVISION NAIJA (OTN) News reports that, the federal government of Nigeria has halted a 15% import tax on premium motor spirit and automobile gas oil.

OTN News further reports that, this new development was revealed in a statement released on Thursday by the spokesperson for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA), George Ene-Ita.

In the statement released, 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.

“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 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,” the statement added.

OTN News recalls 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.