President Muhammadu Buhari on Tuesday approved the constitution of a 14-member committee on petroleum products to find a permanent solution to the disruption in the importation and distribution of petroleum products in the country.
The committee, which will be chaired by Buhari, has the Minister of State for Petroleum Resource Chief Timipre Sylva as Alternate Chairman.
Sylva, in a statement by his Senior Advisor (Media and Communications), Horatius Egua, said the committee will ensure that the delivery and distribution of petroleum is transparent and efficient in the country.
In order to ensure the proper direction of supply and distribution in terms of cost effectiveness, Sylva has appealed to 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, fulfills the domestic obligations 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.