The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, said it is working with the NNPC Ltd. and other stakeholders to guarantee a smooth transition following the removal of fuel subsidy.
Credible News reports that President Bola Tinubu, in his inaugural speech on Monday, said the fuel subsidy regime had ended because there is provision for subsidy in the 2023 budget.
The General Manager, Corporate Communications, NMDPRA, Mr. Kimchi Apollo disclosed that the authority was working to avoid disruptions in the supply of Premium Motor Spirit, PMS, also known as petrol, as well as ensure that consumers were not short-changed in any form.
He assured ample supply of PMS to meet demand, and that the authority had taken necessary steps to ensure that distribution channels remained uninterrupted and fuel readily available at all filling stations nationwide, while urging Nigerians not to panic over the removal of subsidy as the authority had ensured availability of petrol nationwide.
The General Manager said that contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act, PIA 2021, which provides for total deregulation of the petroleum downstream sector to drive investment and growth.
“We, therefore, call on Nigerians to remain calm and resist the urge to stockpile as it poses significant safety hazard.
“The NMDPRA reassures all Nigerians that the removal of subsidy on PMS is a step towards building a more sustainable and prosperous future for our nation”, he assured in a statement.
Apollo promised that the corporation will continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector.
