The Federal Government has asked Nigerians not to panic over the announcement of the removal of petrol subsidy by President Bola Ahmed Tinubu.
In his inaugural speech on Monday, Tinubu the subsidy regime is gone, a statement that immediately sparked panic buying and fuel queues across several states of the federation.
In a swift reaction to the development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), General Manager, Corporate Communications, Kimchi Apollo said the Authority is 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.
It assured that there is an ample supply of petrol to meet demand as 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 Authority further noted that 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 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,” it added.