The Nigerian National Petroleum Company (NNPC) Limited has issued a cautionary note against panic buying as the supply and distribution of Premium Motor Spirit (PMS), commonly known as petrol, continue to improve across the nation.
In a statement released by the company’s Chief Corporate Communications Officer, Olufemi Soneye, in Abuja on Tuesday, NNPC revealed that it currently holds over 1.5 billion litres of petroleum products in stock, equivalent to 30 days of product sufficiency.
NNPC emphasized that it has been closely monitoring filling stations nationwide, including in Lagos and the Federal Capital Territory (FCT), and has observed a significant reduction in fuel queues. The statement further noted that this positive trend is expected to improve daily in other states.
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Collaborating with relevant downstream agencies such as the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), labor unions in the sector, and security operatives, NNPC aims to address hoarding and other unwholesome practices that may disrupt the fuel supply chain.
This development follows a recent bout of petrol scarcity that gripped the country two weeks ago, leading to price hikes at various stations. Pump prices surged to as high as N610 at stations affiliated with the Major Energy Marketers Association of Nigeria (MEMAN) and reached an alarming N800 at Independent Petroleum Marketers Association of Nigeria (IPMAN) stations.
Black marketers and racketeers also took advantage of the situation, inflating prices to as much as N1200 per litre.
NNPC’s assurance of improved supply and its efforts to combat unscrupulous practices aim to alleviate concerns among consumers and stabilize the fuel market, ultimately ensuring a smoother experience for motorists and businesses alike.
(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)
