The Federal Government says there is no cause for alarm over the pronouncement of the removal of petrol subsidy by President Bola Ahmed Tinubu.

Tinubu, in his inaugural speech on Monday, jad hinted thay the subsidy regime is gone, a statement that immediately sparked panic-buying and petrol queues across several States of the federation.

Meanwhile, General Manager, Corporate Communications, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Kimchi Apollo, in a reaction to the development, said authorities are working closely with Nigerian Petroleum Development Company Limited, NNPCL and other key stakeholders to ensure steady supply.

It also added that there is enough supply of petrol to meet demand, as it had taken necessary steps to ensure distribution channels remain uninterrupted, adding fuel is readily available at all filling stations across the country.

Apollo stressed that contrary to speculations, the announcement is in line with the Petroleum Industry Act, 2021 which provides for total deregulation of the petroleum downstream sector to drive investment and growth.