Following the announcement made by President Bola Tinubu during his inaugural speech on Monday, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has cautioned against the current panic over the planned removal of the petrol subsidy in Nigeria.
New Telegraph had earlier reported that the panic started after President Tinubu’s inaugural address, stating, “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.”
But reacting to the development, the NMDPRA which is the agency in charge of PMS regulations across the county in a statement issued on Tuesday asked Nigerians to remain calm.
The statement read: “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.”