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Akinwande Soji-Ojo
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged Nigerians not to panic over the removal of fuel subsidy.
Recall that President Bola Tinubu had during his inauguration on Monday announced the removal of fuel subsidy, saying “subsidy is gone for good.”
While reacting to the announcement on Tuesday, NMDPRA, in a statement issued by its General Manager, Corporate Communications, Kimchi Apollo, said Tinubu’s announcement is in line with the Petroleum Industry Act (2021), adding that it is working NNPC Limited and other key stakeholders to guarantee a smooth transition.
“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 significant safety hazard.
NMDPRA reassured Nigerians that the removal of subsidy on petrol 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 agency assured.