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<p>By Yusuf Danjuma Yunusa</p><div class="Aql9F24n" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced the suspension of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), also known as petrol and diesel.</p>
<p>A statement by George Ene-Ita, Director of the Public Affairs Department, stated this on Thursday.</p>
<p>Recall that the introduction of the 15% import duty had generated mixed reactions in the downstream industry.</p><div class="Cyt1GKHA" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>The president’s approval of the duty was contained in a letter with reference no: PRES8197/HAGF/100/71/FIRS/40/88-2/NMDPRA/2, dated 21 October.</p>
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<p>The letter was addressed to the Attorney General of the Federation and Minister of Justice, Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).</p>
<p>The letter, titled ‘Re: introduction of a market-responsive import tariff framework on Premium Motor Spirit (PMS) &; Diesel,’ was signed by Damilotun Aderemi, the Private Secretary to the President.<br />
The president’s approval followed a request by FIRS Chairman, Zacch Adedeji for the government to apply the tariff to align import costs with domestic realities.</p>
<p>Adedeji said the duty, applied to the Cost, Insurance, and Freight (CIF) value, is expected to increase petrol prices by approximately N99.72 per litre.</p>
<p>However the Authority assured the public that there is adequate supply of petroleum products across the country, maintaining volumes within the acceptable national sufficiency threshold during this peak demand period.</p>
<p>“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.</p>
<p>“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 statement said.</p>
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