Fuel Queues: Nigerian regulatory agency warns against panic buying

From Abubakar Yunusa Abuja

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has cautioned Nigerians not to panic over subsidy removal, saying it has enough petroleum products to meet the country’s demand.

The NMDPRA said this in a statement on Tuesday by its General Manager, Corporate Communications, Kimchi Apollo.

The statement was issued against the backdrop of the government’s declaration that it will put an end to the fuel subsidy regime.

President Bola Tinubu on Monday in his inaugural address at Eagle Square, Abuja, declared that there would no longer be a petroleum subsidy regime as it was not sustainable.

He said the current 2023 budget only has provision for the fuel subsidy till June, adding that the funds meant for subsidies will be diverted to the creation of public infrastructure, education, health care and jobs.

In its statement on Tuesday, the 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 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) wishes to address concerns regarding the announcement of the removal of subsidy on Premium Motor Spirit

(PMS) by President Bola Ahmed Tinubu.

“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.

“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 agency said.

“We have taken necessary steps to ensure distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country,” the statement said.

“We, therefore, call on Nigerians to remain calm and resist the urge to stockpile as it poses a significant safety hazard.”

The agency noted that the removal of subsidy on petrol is a step towards building a more sustainable and prosperous future for Nigeria.

“We will continue to monitor activities and implement necessary measures to enhance transparency and accountability in the petroleum downstream sector,” it said.