Victor EzejaThe Nigerian National Petroleum Company Limited (NNPCL) has cautioned members of the public against engaging in panic buying of Premium Motor Spirit (PMS), also known as petrol, assuring that it now has sufficient stock that can meet supply needs for at least 30 days.
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The national oil company gave the hint in a statement by its spokesperson, Olufemi Soneye, on Tuesday.
The fuel scarcity issue that has lasted for over a week was, according to the NNPCL, initially caused by supply disruption as a result of logistical challenges. This led to many petrol stations closing while the few ones that opened, had long queues of vehicles and people with rubber containers in the quest to buy the brought. It also led to hike in price, especially at outlets owned by independent marketers, who claimed they got the product at higher price from depots.
Black market operators also seized the opportunity to make brisk business, selling at cut-throat prices to motorists and other users.
However the NNPCL in its latest statement said there has been an improvement in supply, adding that queues have drastically reduced in most petrol stations it monitored across states in the country including Lagos and the FCT, Abuja.
While assuring that it now has enough stock, NNPCL said it was working in collaboration with the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), other relevant agencies in the downstream, labour unions in the sector and security operatives, to tackle the menace of hoarding and other sharp practices short changing the people.
The statement reads: “As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.
“In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other States.
“The Company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.
“The NNPC Ltd. is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives, to address hoarding and other unwholesome practices.”
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
