The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has clarified the announcement of the removal of subsidy on Premium Motor Spirit (PMS) by President Bola Ahmed Tinubu.
According to a press release on Tuesday, 30th May 2024 signed by the NMDPRA General Manager, Corporate Communications, Kimchi Apollo, said that 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.
The statement read, “We are working closely with NNPC Limited and other key stakeholders to guarantee a smooth transition, avoid any supply disruptions as well as ensure that consumers are not short-changed in any form.
The Authority assures that there is an 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, the statement concluded.
