President Muhammadu Buhari has approved the formation of a 14-member Steering Committee on Petroleum Products Supply and Distribution Management to develop long-term solutions to interruptions in the supply and distribution of petroleum products.
The Steering Committee, which would be led by Buhari, will also include the Minister of State for Petroleum Resources, Chief Timipre Sylva, as an alternate chairman.
Mr Sylva said in a statement issued by his Senior Adviser (Media and Communications), Horatius Egua, that the committee will, among other things, oversee the transparent and efficient supply and distribution of petroleum products throughout the nation.
Mr Sylva urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to maintain strict compliance with the government authorized ex-depot and retail pricing for PMS to further guarantee 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 recommended that ordinary Nigerians’ interests be safeguarded against price exploitation on other deregulated goods such as Automative Gas Oil, AGO, Dual Purpose Kerosene, DPK, and Liquefied Petroleum Gas, LPG.
“The Federal Government will not allow misguided groups to impose enormous misery upon the populace and seek to tarnish the government’s efforts in consolidating the achievements earned thus far in the oil and gas sector of the economy,” he added.
Other terms of reference include ensuring national strategic stock management, visibility on the NNPC Limited refinery repair program, and end-to-end tracking of petroleum products, particularly PMS to establish daily national consumption and eradicate smuggling.
The group also includes the Minister of Finance, the Permanent Secretary of the Ministry of Petroleum Resources, the National Economic Adviser to the President, and the Director-General of the State Security Service, SSS.
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, NSCDC.
The Authority Chief Executive NMDPRA, Governor, Central Bank of Nigeria, Group Chief Executive Officer, NNPC Limited, Special Advisor (Special Duties) to the HMSPR, and Technical Advisor (Midstream) to the HMSPR will also serve on the Steering Committee.
As of 2022, the PMS authorized ex-dock price is N148.17 per litre.
Other fueling stations distribute between N180 and N184, while NNPC retail outlets dispense at N179.
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