Lawrence Enyoghasu
The Nigeria National Petroleum Corporation (NNPC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) have addressed concerns regarding the announcement of the removal of subsidy on Premium Motor Spirit (PMS) by President Bola Ahmed Tinubu.
NNPC welcomed the decision by the Federal govt to remove subsidy on PMS. While addressing the press, NNPC Ltd. Group Chief Executive Officer, Mallam Mele Kyari, of NNPC Limited noted that the removal of the subsidy which has been a burden on NNPC’s cash flow will free up funds to enable optimal operations in the company. Reacting to scarcity already being experienced , he assured Nigerians of sufficient supply of the product. NNPC is also monitoring all its distribution networks to ensure compliance.
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Meanwhile, according to a signed press released by Corporate Communications manager of NMDPRA, Kimchi Apollo 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.
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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 stated.