Financial Energy Review
The Nigeria National Petroleum Company Limited,, (NNPC) has said it welcomed the decision for the government to remove subsidy on Premium Motor Spirit (PMS) otherwise known as petrol.
Addressing the press, the GCEO of NNPC Limited Mallam Mele Kyari noted that the removal of the subsidy which has been a burden on NNPC’s cash flow will free up funds to enable optimal operations in the company.
Reacting to scarcity already being experienced , he assured Nigerians of sufficient supply of the product. NNPC is also monitoring all its distribution networks to ensure compliance
Also the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) assured the Nigerian citizens not to worry as there would be enough fuel to go round the country.
According to NMDPRA in a statement said the removal of subsidy by President Bola Ahmed Tinubu is a welcome development. It stated: “ NMDPRA wishes to address concerns regarding the announcement of the removal of subsidy on Premium Motor Spirit (PMS) as announced by President Bola Ahmed Tinubu.
Contrary to speculations and concerns, we assure all Nigerians that there is ample supply of PMS to meet demand as we have taken necessary steps to ensure that the distribution channels remain uninterrupted and fuel is readily available at all filling stations across the country.”
