The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says there is no need to panic over the announcement of the removal of subsidy.
The statement is coming few hours after President Bola Tinubu at his innugural speech said his administration will not fund subsidy. NMDPRA said “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.”
The regulatory authority said it is working with relevant stakeholders to guarantee a smooth transition, avoid any disruptions in supply as well as ensure that consumers are not short-changed in any form.
It reaassured Nigerians that there is ample supply of PMS to meet demand and added that there are measures to ensure distribution channels remain uninterrupted and make fuel readily available at all filling stations across the country.
Fuel Subsidy Removal
NMDPRA assures of adequate supply
