We have enough fuel, no need for panic – FG

We have enough fuel, no need for panic – FG

The Federal Government says it has enough fuel and that people should not panic over the announcement of the removal of petrol subsidy by President Bola Ahmed Tinubu.

In his inaugural speech on Monday, Tinubu said the subsidy regime is gone, a statement that immediately sparked panic buying and fuel queues across several states of the federation.

General Manager of Corporate Communications, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Kimchi Apollo, said the authority was working closely with the NNPC Limited and other key stakeholders to guarantee a smooth transition and avoid any disruptions in supply.

He assured that there was 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.