By Amah
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Fears that the proposed 15 per cent of valorem import duty on imported Premium Motor Spirit (PMS) and Diesel will lead to hikes in fuel prices have been allayed with the suspension of its implementation
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed in a statement posted on its X handle on Thursday signed by the Director, Public Affairs Department, NMDPRA, George Ene-Ita that the import duty implementation was no longer in view.
President Bola Tinubu had approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria in October.
According to Ene-ita, the implementation of the 15 per cent ad-valorem import duty had been suspended.
Ene-Ita also assured all that there was an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.
The director appreciated the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution.
He said the authority would continue to closely monitor the supply situation and take appropriate regulatory measures to prevent distruption of supply and distribution of petroleum products nationwide .
“The public is hereby assured of NMDPRA’s commitment to guarantee energy security,” Ene-Ita said.
In October, President Bola Tinubu approved a 15 per cent import duty on petrol and diesel.
The government stated that the directive aimed to “strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria.”
The government said implementation of the tariff would begin in a month’s time, after its approval.
However, the policy was met with criticisms from various stakeholders, energy experts and civil societies, who argued it would skyrocket fuel prices and worsen Nigeria’s economic situation. (NAN)
