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No need to panic over removal of PMS subsidy says NMDPRA


No need to panic over removal of PMS subsidy says NMDPRA

By Jennifer S Kuwanta

The Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA) has urged Nigerians to keep calm regarding the announcement of the subsidy removal on Premium Motor Spirit (PMS).

They made this announcement in a News release on Monday
to address concerns regarding the announcement of the removal of subsidy on PMS by president Bola Ahmed Tinubu.

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In a statement issued by NMDPRA, they 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 General Manager, Corporate Communications of NMDPRA, Kimchi Apollo said they are working closely with NNPC and other key stakeholders to guarantee a smooth transition, avoid any disruption supply as well as ensure that consumers are not short-charged in any form.

The Authority assured Nigerians that there is an ample supply of PMS to meet demand as they have 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 significant safety hazard, They said.

They also assured Nigerians that the removal of subsidy on PMS is a big step towards building a more sustainable and prosperous future for the nation.

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

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