The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the suspension of the much-dreaded 15 percent ad valorem import duty on Premium Motor Spirit (PMS) and diesel! This jaw-dropping decision has sent waves of relief rippling through the anxious hearts of consumers and stakeholders alike in the perilous petroleum sector.

In a dramatic statement shared on social media, the ever-eloquent George Ene-Ita, Director of the Public Affairs Department at NMDPRA, declared, “The implementation of the 15 percent ad valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view.” This announcement comes hot on the heels of earlier whispers that President Bola Ahmed Tinubu had given the green light for this controversial import duty, inciting fear and uncertainty in various economic sectors.

Furthermore, NMDPRA has assured the public that Nigeria is brimming with an adequate supply of petroleum products, claiming we are well within the “acceptable national sufficiency threshold” during this crucial peak demand period. It appears the authority is eager to showcase the robust domestic supply of everything from Automotive Gas Oil (AGO) to Liquefied Petroleum Gas (LPG), all sourced from local refineries and imports. 

NMDPRA has also issued a stern warning to the public: hoarding, panic buying, and outrageous price hikes are strictly off-limits! The authority vows to keep a watchful eye on the supply situation and deploy regulatory measures to prevent any disruptions. So, rest easy,NMDPRA is here to ensure we all have access to our precious fuel, especially when we need it most!

“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 dramatic statement concluded.

This monumental development is poised to not only stabilize fuel prices but also ensure consumers can breathe a sigh of relief with a steady supply of essential petroleum products.