The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it is working with the NNPC Ltd. and other stakeholders to guarantee a smooth transition following the removal of fuel subsidy.
The News Agency of Nigeria (NAN) reports that President Bola Tinubu, in his inaugural speech on Monday, said the fuel subsidy regime had ended with the commencement of his administration.
The authority made this known on Tuesday in a statement signed by Mr Kimchi Apollo, General Manager, Corporate Communications, NMDPRA, to address concerns regarding the removal of fuel subsidy.
Apollo said the authority was working to avoid disruptions in the supply of Premium Motor Spirit (PMS), also known as petrol, as well as ensure that consumers were not short-changed in any form.
He assured ample supply of PMS to meet demand, and that the authority had taken necessary steps to ensure that distribution channels remained uninterrupted and fuel readily available at all filling stations nationwide.
He urged Nigerians not to panic over the removal of subsidy as the authority had ensured availability of petrol nationwide.
“Contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act (PIA 2021), which provides for total deregulation of the petroleum downstream sector to drive investment and growth.
“We, therefore, call on Nigerians to remain calm and resist the urge to stockpile as it poses 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,” he said.