NMPDRA Sends Message to Nigerians on Petrol Availability as Depots, Dangote Announce New Prices
- NMDPRA has assured Nigerians of an adequate supply of petroleum products across the country during the festive season
- The authority has advised the public to avoid hoarding, panic buying, or artificially inflating prices of petroleum products.
- The regulator confirmed that the previously proposed 15% import duty on petrol and diesel is no longer under consideration
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has assured the public that the country has adequate supplies of petroleum products.
The agency is urging consumers to desist from panic buying or hoarding ahead of the festive season.
Source: Getty Images
In a statement issued on Thursday, November 13, NMDPRA said the domestic supply of diesel (AGO), petrol (PMS), and liquefied petroleum gas (LPG) is enough to meet consumption demands
The authority stated that products are being sourced from both local refineries and imports, ensuring timely replenishment at storage depots and retail stations nationwide.
Part of the statement reads:
"The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to assure the general public that there is adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold during this peak demand period.
There is robust domestic supply of petroleum products (AGO, PMS, LPG etc) sourced from both local refineries and importation to ensure 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."
FG suspends petrol import duty
The regulator also stressed that non-market reflective increases in petroleum product prices are unnecessary.
It added that the previously proposed 15% ad-valorem import duty on petrol and diesel would no longer be implemented.
NMDPRA said it would continue to closely monitor supply levels and take regulatory action where necessary to prevent disruption, Punch reports.
The statement continued:
"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 Authority will 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."
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying, or escalation of prices of petroleum products that are not reflective of market conditions."
Source: Getty Images
The regulator also commended stakeholders in the midstream and downstream petroleum sectors for their continued efforts to maintain a smooth and uninterrupted supply chain.
It concluded:
"We appreciate the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution. The public is hereby assured of NMDPRA's commitment to guarantee energy security."
Depots announce new petrol price
Earlier, Legit.ng reported that private depot owners have slashed their petroleum product prices below Dangote's rate.
In response, diesel prices have dropped to N940 per litre at private depots, undercutting Dangote by N10.
For petrol, the situation is slightly different, as Dangote's price remains the most competitive, while general market prices range between N857 and N890 per litre across depots.
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Source: Legit.ng
