The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced that the proposed 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (diesel) will no longer be implemented.
The clarification follows an earlier approval by President Bola Tinubu on 21 October for the introduction of the duty on the two petroleum products.
In a statement issued on Thursday by the Director of the Public Affairs Department, George Ene-Ita, the Authority confirmed that the plan has been shelved.
“It should also be noted that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” the statement read.
The announcement comes amid growing public concern over possible price hikes and inflationary pressures that could have resulted from the additional import levy.
NMDPRA reaffirmed its commitment to maintaining price stability in the downstream sector while ensuring a conducive environment for operators and consumers alike.
