THE Federal Government has urged Nigerians not to panic at the wake of President Bola Ahmed Tinubu’s announcement that the petroleum subsidy would be removed.
The subsidy regime is no longer in effect, Tinubu declared in his inaugural speech yesterday prompting frantic fuel queues and purchases throughout several federation states.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), General Manager, Corporate Communications, Kimchi Apollo, responded quickly to the development and stated that the Authority is closely collaborating with NNPC Limited and other important stakeholders to ensure a smooth transition, prevent any disruptions in supply, and ensure that consumers are not shorted in any way.
It assured that there is an ample supply of petrol to meet demand as it had taken necessary steps to ensure distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country.
“We therefore call on Nigerians to remain calm and resist the urge to stockpile as it poses a significant safety hazard,” the statement added.
The Authority also pointed out that contrary to rumors and concerns, the declaration is in line with the Petroleum Industry Act (2021), which calls for complete deregulatory reform of the petroleum downstream industry to promote investment and growth.
“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. We will continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector,” it added.
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