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 chaired by Buhari, with Chief Timipre Sylva, Minister of State for Petroleum Resources, serving as Alternate Chairman.
Sylva, in a statement by his Senior Adviser (Media and Communications), Horatius Egua said the committee would ensure transparent and efficient supply and distribution of petroleum products across the country.
To further ensure sanity in the supply and distribution across the value chain, Sylva directed the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to ensure strict compliance with the government-approved ex-depot and retail prices for PMS.
The minister also directed the NMDPRA to ensure that NNPC Limited, which is the supplier of last resort meets the domestic supply obligation of PMS and other petroleum products in the country.
He also directed that the interests of the ordinary Nigerian are protected from price exploitation on other deregulated products 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.
Members of the committee also include Minister of Finance, Permanent Secretary of Ministry of Petroleum Resources, National Economic Adviser to the President and Director-General of the Department of State Services, DSS.
Others are Comptroller-General of Nigerian Customs Service, NCS, Chairman of Economic and Financial Crimes Commission, EFCC, and Commandant-General of Nigerian Security and Civil Defence Corps, NSCDC.
The steering committee members also include Chief Executive of NMDPRA, Governor of Central Bank of Nigeria, Group Chief Executive Officer of NNPC Limited, Special Advisor (Special Duties) to the HMSPR and Technical Advisor (Midstream) to the HMSPR who will serve as Secretary.
PMS-approved ex-depot price is N148.17 per litre as of 2022. While NNPC retail stations dispense at N179, other filling stations dispense between N180 and N184.