The Nigerian Midstream and Downstream Petroleum Regulatory Authority has halted the implementation of the 15% ad valorem import duty on imported petrol and diesel. It urged Nigerians against panic-buying of petroleum products.

The NMDPRA made the development known in a statement signed by its spokesman, George Ene-Ita, while assuring that there is an adequate supply of petroleum products in the country, “within the acceptable national sufficiency threshold during this peak demand period”.

The petroleum regulatory authority stated that there was an adequate domestic supply of petroleum products, sourced from both local refineries and imports, to ensure the 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 statement said. “It should also be noted that the implementation of the 15% ad-valorem import duty on imported premium motor spirit and Diesel is no longer in view.”

The NMDPRA promised to 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”.