…Cautions Against Panic Buying
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged Nigerians not involved themselves in panic buying following the removal of petrol subsidy.
It said in a statement 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.
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The Authority said that the removal of subsidy was vital as it will help to guarantee sustainable future for Nigerians.
It said, “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 filing stations across the country.
“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 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.”