President Muhammadu Buhari has approved the constitution of a 14-man Steering Committee on Petroleum Products Supply and Distribution management to find a lasting solution to disruptions in the supply and distribution of petroleum products.
The Steering Committee, which will be chaired by Buhari, has the Minister of State for Petroleum Resource, Timipre Sylva, as Alternate Chairman.
Sylva, in a statement issued on Tuesday by his Senior Adviser on Media and Communications, Horatius Egua, said the committee would among other things 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, the minister 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.
He 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.
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Sylva further ordered that the interests of the ordinary Nigerian are protected from price exploitation on other deregulated products such as Automative 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.
Other terms of reference are to ensure national strategic stock management, visibility on the NNPC Limited refineries rehabilitation programme and ensure end-end tracking of petroleum products, especially PMS to ascertain daily national consumption and eliminate smuggling.
Members of the committee also include Minister of Finance; Permanent Secretary, Ministry of Petroleum Resources; National Economic Adviser to the President; and Director-General of the Department of State Services (DSS).
Others are Comptroller-General, Nigerian Customs Service (NCS); Chairman, Economic and Financial Crimes Commission (EFCC); and Commandant-General, Nigerian Security and Civil Defence Corps (NSCDC).
The Steering Committee members also include Authority Chief Executive NMDPRA; Governor, Central Bank of Nigeria; Group Chief Executive Officer, NNPC Limited; Special Advisor (Special Duties) to the HMSPR; while the Technical Advisor (Midstream) to the HMSPR will serve as Secretary.
Petrol approved ex-depot price is N148.17 per litre as of 2022, while NNPC retail stations dispense at N179 as filling stations dispense between N180 and N184.
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