The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) claims it is collaborating with NNPC Ltd. and other stakeholders in order to ensure a seamless transition after the withdrawal of fuel subsidies.
President Bola Tinubu said in his inauguration address on Monday that the fuel subsidy system has come to an end with the start of his government.
To allay fears over the withdrawal of fuel subsidies, the authority made this information public on Tuesday in a statement signed by Kimchi Apollo, General Manager, Corporate Communications, NMDPRA.
The authority, according to Apollo, is striving to prevent interruptions in the flow of Premium Motor Spirit (PMS), often known as fuel, and to make sure that customers are not underserved in any way.
He stated that there would be a sufficient supply of PMS to satisfy demand and that the authorities had taken the required measures to make sure that distribution lines would stay open and that fuel would be easily accessible at all filling stations across the country.
He encouraged Nigerians not to panic over the elimination of the subsidy since the administration had made sure that petrol was available everywhere.
“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 a 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.
“We will continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector,” he said.
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