The Major Oil Marketers Association of Nigeria (MOMAN), and the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have declared their strong backing of the petrol subsidy removal by President Bola Ahmed Tinubu, on Monday.
A statement jointly signed on Tuesday by both organizations, said: “The decision to phase out this fuel subsidy regime is not merely a fiscal reform; it is a significant stride toward social justice.
“We are heartened that the administration plans to redirect these substantial funds towards essential public goods such as infrastructure, education, and healthcare.
“These investments symbolize our shared future, promising considerable, long-term benefits for all Nigerians. We understand the concerns regarding potential price increases.
“We appreciate the clarity of policy from the Tinubu administration, a direction that signals a courageous and pragmatic shift in our nation’s economic trajectory. ”
Consequently, they are calling on Nigerians to avoid panic buying or stockpiling petrol.
“We also urge all filling stations across the country to remain open and avoid hoarding products, and maintain reasonable pricing of fuels.
“In light of the assurances given by the Nigerian National Petroleum Company Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), we wish to reiterate
that there is no cause for alarm.”