Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), yesterday, warned Premium Motor Spirit (PMS) marketers they risk withdrawal of their licenses if they sell petrol above the regulated price.
The Authority Chief Executive, Farouk Ahmed, who disclosed this in Abuja at a stakeholders’ consultation forum on midstream and downstream petroleum regulations, also revealed that the Authority is monitoring supply nationwide to end queues at petrol stations.
“However, the Authority will not shy away from sealing depots and suspending licenses, including total revocation. All these options are on the table and can be deployed at any time. The NMDPRA boss, who was represented by Executive Director , Ogbugo Ukoha, hinted that the Federal Ministry of Justice would gazette three new regulations, this week, to enhance the Authority’s capacity to deliver on its mandates.
He also revealed that plans are underway to establish a national strategic stock nationwide, which will provide a buffer whenever there are product shortages.
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