NEWS

Buhari appoints a group to address the issue of petroleum scarcity

President Muhammadu Buhari approved the formation of a 14-man Steering Committee on Petroleum Products Supply and Distribution Management on Tuesday in order to find a long-term solution to the country’s disruptions in the supply and distribution of petroleum products.

The committee will be led by Buhari, with Chief Timipre Sylva, Minister of State for Petroleum Resources, serving as Alternate Chairman.

According to Horatius Egua, Sylva’s Senior Adviser (Media and Communications), the committee would oversee transparent and efficient supply and distribution of petroleum products across the country.

Sylva directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to guarantee strict compliance with the government-approved ex-depot and retail prices for PMS to further ensure sanity in the supply and distribution across the value chain.

The minister also asked the NMDPRA to guarantee that NNPC Limited, the country’s last-resort supplier, satisfies the domestic supply obligation for PMS and other petroleum products.

He also commanded that ordinary Nigerians’ interests be safeguarded against price exploitation on other deregulated items such as Automotive Gas Oil, AGO, Dual Purpose Kerosene, DPK, and Liquified Petroleum Gas, LPG.

“The Federal Government will not allow misguided elements to bring untold hardship upon the citizenry and attempt to discredit government’s efforts in consolidating the gains made thus far in the oil and gas sector of the economy,” he said.

The committee also includes the Minister of Finance, the Permanent Secretary of the Ministry of Petroleum Resources, the President’s National Economic Adviser, and the Director-General of the Department of State Services, DSS.

Others include the Comptroller-General of the Nigerian Customs Service, the Chairman of the Economic and Financial Crimes Commission, and the Commandant-General of the Nigerian Security and Civil Defence Corps.

Members of the steering committee include the Chief Executive of NMDPRA, the Governor of the Central Bank of Nigeria, the Group Chief Executive Officer of NNPC Limited, the Special Advisor (Special Duties) to the HMSPR, and the Technical Advisor (Midstream) to the HMSPR, who will serve as Secretary.

As of 2022, the PMS-approved ex-depot price is N148.17 per litre. Other fueling stations dispense between N180 and N184, while NNPC retail outlets dispense at N179.

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