The Federal Government has urged Nigerians to remain calm and not to engage in panic buying of petrol following the announcement of the removal of petrol subsidy by President Bola Ahmed Tinubu on Monday.
The President said that the subsidy regime was unsustainable and that the Petroleum Industry Act (PIA) 2021, which he recently signed into law, provides for total deregulation of the petroleum downstream sector to drive investment and growth.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the agency responsible for regulating the petroleum downstream sector, said that it was working closely with NNPC Limited and other key stakeholders to ensure a smooth transition, avoid any disruptions in supply and protect the interests of consumers.
In a statement issued by its General Manager, Corporate Communications, Kimchi Apollo, the NMDPRA said that there was enough petrol in stock to meet demand and that it had 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 statement added.
The NMDPRA also noted that the removal of subsidy on petrol was a step towards building a more sustainable and prosperous future for the nation. It said that it would continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector.
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