By Ayodele Oni
Nigeria Midstream and Downstream Regulatory Authority, (NMDPRA) has assured Nigerians that there is no need to panic over news of removal of petroleum subsidy.
The regulatory body in a statement, signed by the general manager, corporate communication, Kimchi Apollo explained that the body is prompted by anxiety which followed announcement by President Bola Tinubu in his inaugural address.
NMDPRA states that “contrary to speculations and concerns, the announcement is in line with the Petroleum Industry Act, (PIA) 2021,which provides for total deregulation of the petroleum downstream sector yo drive investment and growth.
“We are working closely with NNPC Ltd and other key stakeholders to guarantee a smooth transition, avoid any disruption in supply, as well as ensure that consumers are not short-changed in any form.
“The authority assured 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 filling stations across the country.
“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.”
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