• Oil & Gas - News
  • Updated: January 24, 2023

Buhari Sets Up Committee To Tackle Supply, Distribution Of Petroleum Products

President Muhammadu Buhari has approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management to find lasting solution to disruptions in the supply and distribution of petroleum products.

The Steering Committee, which will be chaired by Buhari, has the Minister of State for Petroleum Resource Chief Timipre Sylva as Alternate Chairman.

Sylva, in a statement by his Senior Adviser (Media and Communications), Horatius Egua said the committee would among other things ensure transparent and efficient supply and distribution of petroleum products across the country.

Sylva instructed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to strictly enforce adherence to the government-approved ex-depot and retail prices for PMS in order to further maintain sanity in the supply and distribution across the value chain.

The minister further instructed the NMDPRA to make sure that the supplier of last resort, NNPC Limited, complies with the domestic supply obligation for PMS and other petroleum products in the nation.

In addition, he issued a directive to safeguard the interests of regular Nigerians from price gouging on other deregulated goods like Automative Gas Oil (AGO), Dual Purpose Kerosene (DPK), and Liquid Petroleum Gas (LPG).

“The Federal Government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy,” he said.

Other terms of responsibility include ensuring end-to-end tracking of petroleum products, visibility on the NNPC Limited refinery rehabilitation programme, and end-to-end management of national strategic stock, with a focus on PMS to determine daily national consumption and stop smuggling.

The National Economic Adviser to the President, the Permanent Secretary of the Ministry of Petroleum Resources, the Director-General of the Department of State Services, and the Minister of Finance are also members of the committee (DSS).

Others include the Commandant-General of the Nigerian Security and Civil Defense Corps, the Chairman of the Economic and Financial Crimes Commission, and the Comptroller-General of the Nigerian Customs Service (NCS) (NSCDC)

The Authority Chief Executive of NMDPRA, the Governor of the Central Bank of Nigeria, the Group Chief Executive Officer of NNPC Limited, and the Special Advisor (Special Duties) to the HMSPR are also members of the Steering Committee. The Technical Advisor (Midstream) to the HMSPR will serve as Secretary.

The PMS approved ex depot price is N148.17 per litre as of 2022, according to The News Agency of Nigeria (NAN), while NNPC retail outlets dispense at N179 and other filling stations dispense between N180 and N184.

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