Credit: Nairametrics.
Amid the lingering fuel crisis, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NIMDPRA) has assured Nigerians that there is going to be ample supply of Petroleum Motor Spirit (PMS) to meet demand.
The Authority, in a press release signed by General Manager, Corporate Communications, Kimchi Apollo, disclosed that necessary steps have been taken to ensure that distribution channels remain uninterrupted, and that fuel is readily available at all filling stations across the country.
The authority said it is working closely with Nigerian National Petroleum Company (NNPC), and other stakeholders to guarantee smooth transition.
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It expressed further that its effort is aimed at avoiding any disruption in supply as well as ensure that consumers are not short-changed in any form.
According to the regulatory agency, the announcement of removal of fuel subsidy on PMS is in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.
It reassured all Nigerians that the development is a step towards building a more sustainable and prosperous future for the nation, promising to continue monitoring activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector.
“We call on all Nigerians to remain calm and resist the urge to stockpile as it poses significant safety hazard.”
When the announcement was made by President Bola Tinubu during his inauguration ceremony, he said subsidy could no longer justify its ever-increasing costs in the wake of dying resources.
The announcement that was greeted by approval from NNPC as a welcome development, has jacked up price of PMS by major oil marketers, increasing it by about 100 per cent to more than N370 per litre from N185 per litre.
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