The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged Nigerians to avoid panic buying of petroleum products, assuring that there is sufficient supply across the country to meet demand during the current peak period.

In a statement signed by George Ene-Ita, Director of Public Affairs, the Authority noted that there is adequate domestic supply of petroleum products (AGO, PMS, LPG, etc.) sourced from both local refineries and importation.

Ene-Ita emphasized that the nation’s petroleum stock levels remain within acceptable sufficiency thresholds, dismissing concerns over possible shortages or distribution disruptions.

He also cautioned marketers and consumers against hoarding or inflating prices, warning that the NMDPRA will not hesitate to take regulatory action against any non-market reflective escalation of prices or practices capable of destabilizing the market.

“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,” Ene-Ita stated.

The Authority further clarified that the implementation of the 15 per cent ad-valorem import duty on imported Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) “is no longer in view,” a development expected to ease importation and maintain price stability.

Ene-Ita assured the public that NMDPRA would continue to monitor the supply situation closely and take necessary measures to guarantee uninterrupted availability and distribution of petroleum products nationwide.

He commended stakeholders across the midstream and downstream value chain for their collaboration and reaffirmed the Authority’s commitment to ensuring energy security and market stability throughout the country.