In order to establish strategic stock for Premium Motor Spirit, more commonly known as gasoline, in important areas across the nation, the Federal Government is now meeting with operators in the midstream and downstream oil sectors.
In addition to announcing the formation of a 14-person committee to find a long-term fix for the disruptions in the supply and distribution of petroleum products, it stated that the national strategic stocks will aid in tackling Nigeria’s ongoing gasoline shortage.
On the strategic stock, the Executive Director, Distribution Systems, Storage and Retailing Infrastructure, Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ogbugo Ukoha, disclosed this in Abuja on Tuesday at the ongoing stakeholders’ consultation forum on midstream and downstream petroleum regulations.
Speaking on the sidelines of the event, he explained that the NMDPRA and stakeholders were going through the eight draft regulations, which were the third batch, put together by the authority, adding that the National Strategic Stock Regulations was one of them.
He said:-
“Section 181 of the PIA (Petroleum Industry Act) compels us to develop strategic stock. On the supply issues that we usually have, recall that a few weeks ago, there was flooding in Lokoja and Bayelsa, and supplies were impacted negatively.
“We should have strategic stock across the country. And there are storage everywhere, even though pipelines need to be revamped. So this strategic stock regulations addresses that need, and it is a priority.â€