NMDPRA guarantees adequate fuel supply, warns against panic buying

According to a statement dated November 12 and shared on its X on Thursday and signed by the Director of Public Affairs Department, George Ene-Ita, the agency assured Nigerians that there is “adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold during this peak demand period.”

The NMDPRA stated that the country’s petroleum products, including diesel, petrol, and LPG, are being sufficiently supplied from local refineries and imports, ensuring that storage depots and retail stations remain stocked.

The regulator cautioned against hoarding or any “non-market reflective escalation of prices of petroleum products,” stressing that such practices are unnecessary given the current supply levels.

The NMDPRA clarified that “the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in view,” a move likely to ease market pressures and stabilise pump prices.

Reassuring Nigerians of its oversight role, the authority stated that it “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 statement concluded by commending stakeholders in the sector for their cooperation and reaffirmed NMDPRA’s “commitment to guarantee energy security.”