FG pauses 15% fuel import tax, NMDPRA cautions Nigerians against panic buying
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”.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
NationWide
Troops arrest suspected gunrunner, recover AK-47 rifle in Taraba
He said, “The suspect is identified as Mr Abdulmudallabi Audu, aged 25.
Abuja
Wike acted foolishly, disrespected Tinubu in standoff with naval officer: Matawalle
“Anyone who disrespects a soldier indirectly disrespects the president, who is the commander-in-chief of the armed forces,” said Mr Matawalle.
NationWide
Three Nigerians nabbed in Kenya for alleged cyberfraud
Twenty-one mobile phones, 79 SIM cards, a Dell laptop, and a heap of credit cards from different banks were found on the trio.
Opinion
Why is the promise of 60 years unravelling?
PDP’s size, which was the source of its pride, became the root of its decay, and its symbolic umbrella has been unable to weather the rain, not to speak of the storm
Abuja
Abuja: Twenty individuals threatening national security arrested
The Nigeria Security and Civil Defence Corps states that it has arrested 20 individuals for crimes that threaten national security.
States
Edo govt reaffirms commitment to sustainability of LIFE-ND project
The Edo government has reiterated its commitment to sustaining and expanding the Livelihood Improvement Family Enterprises in the Niger Delta project.
