The Nigerian government has halted the imposition of a 15% import tax on vehicle gasoline and premium motor spirit.
George Ene-Ita, a spokesman for the Nigerian Midstream and Downstream Petroleum Regulatory Authority, or NMDPRA, revealed this in a statement on Thursday.
Nigerians were advised to refrain from panic purchases of gasoline and diesel by the nation’s downstream oil sector regulator, which assured the populace of a sufficient supply across the country.
According to NMDPRA, “it should 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.”
“The Nigerian Midstream and Downstream Petroleum Regulatory Authority guarantees 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,” the statement continued.
“A strong domestic supply of petroleum products (AGO, PMS, LPG, etc.) is obtained from both local refineries and imports to guarantee prompt stock replenishment at storage depots and retail stations during this time.”
“The Authority would like to take this opportunity to caution against hoarding, panic buying, or non-market reflective increases in petroleum product prices.
“Especially during this peak demand time, the Authority will continue to closely monitor the supply situation and take relevant regulatory actions to prevent disruption of the supply and distribution of petroleum products across the nation.
“The public is hereby assured of NMDPRA’s commitment to guarantee energy security, while acknowledging the ongoing efforts of all stakeholders in the midstream and downstream value chain to ensure a smooth and uninterrupted supply and distribution.”
Remember that late last month, President Bola Ahmed Tinubu authorized the imposition of a 15% import tax on gasoline and diesel in order to support the Dangote Refinery.
Nigerians, stakeholders, and economists have responded to the decision in different ways.
While some think it’s a good idea to support the Dangote Refinery, others contend that rising gas and diesel prices would make Nigerians’ situation even worse.
