The Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA says the announcement of the removal of subsidy on Premium Motor Spirit PMS by President Bola Tinubu was in line with the Petroleum Industry Act (2021) which provides for total deregulation of the petroleum downstream sector to drive investment and growth.
In a statement released on Tuesday, NMDPRA General Manager of Corporate Communications Kimchi Apollo stated, “We are working closely with NNPC Limited and other key stakeholders to assure a smooth transition, avoid supply delays, and ensure that consumers are not shortchanged in any way.
Apollo assured the public that there is adequate supply of Premium Motor spirit PMS (petrol) to meet demand as the organisation has taken the required steps to ensure that distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country.
He called on Nigerians to remain calm and resist the urge to stockpile as it poses a significant safety hazard.
In the same vein, Operators were advised to refrain from hoarding petrol and causing hardship.
The NMDPRA reassured all Nigerians that the removal of subsidy on PMS is a step towards building a more sustainable and prosperous future for our nation.
He said they would continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector.
