By Eyo Nsima
THE Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, has urged the public not to panic over the planned removal of petrol subsidy in Nigeria.
President Bola Tinubu had yesterday said: “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. The subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”
This sparked panic, leading to long queues at the filling stations, a development oil marketers capitalized on to hike prices by about 100 per cent to more than N370 per litre, from N185 per litre, while others shut their gates.
However, in a statement obtained by The Daily, www.thedaily-ng.com, the NMDPRA, stated: “The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to address concerns regarding the announcement of the removal of subsidy on Premium Motor Spirit (PMS) by President Bola Ahmed Tinubu.
“Contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.
“We are working closely with NNPC Limited and other key stakeholders to guarantee a smooth transition, avoid any disruptions in supply as well as ensure that consumers are not short-changed in any form.
“The Authority assures that there is ample supply of PMS to meet demand as we have 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 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.”
