The Federal Government has suspended the proposed implementation of a 15 per cent ad-valorem import duty on Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel).

This was disclosed in a statement issued on Thursday by the Director of Public Affairs, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), George Ene-Ita, via the Authority’s official X handle.

“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 in part.

Earlier, it was reported that President Bola Tinubu approved the introduction of the 15 per cent import duty on petrol and diesel to boost government revenue.

The NMDPRA, however, reassured Nigerians that the country currently has an adequate supply of petroleum products within the acceptable national sufficiency threshold, especially during this period of high demand.

“There is a robust domestic supply of petroleum products — AGO, PMS, LPG, and others — sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period,” the statement added.

The Authority further warned marketers against hoarding, panic buying, or any artificial escalation of pump prices, emphasizing that it would continue to monitor supply and distribution to ensure stability across the country.

“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products nationwide, especially during this peak demand period.

“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring smooth and uninterrupted supply, the public is hereby assured of NMDPRA’s commitment to guaranteeing energy security,” it concluded.