Stockpiling petrol poses ‘significant safety hazard’, regulator warns Nigerians
Amid the resurgence of queues at fuel stations in parts of Nigeria, the Nigerian Midstream and Downstream Petroleum Regulatory Authority
Amid the resurgence of queues at fuel stations in parts of Nigeria, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has warned against stockpiling of petrol.
Long queues resurfaced on Monday following the statement by the new President, Bola Tinubu, that “subsidy is gone”.
The NMDPRA said in a statement on Tuesday that contrary to speculations and concerns, the announcement by the President 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,” it said.
“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 filling stations across the country.”
The regulator called on Nigerians to remain calm and “resist the urge to stockpile as it poses a significant safety hazard”.
It described the removal of subsidy on petrol as a 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,” it said.
