Fuel Scarcity: NNPC Warns Against Panic Buying

The Nigerian National Petroleum Corporation (NNPC) has called on members of the public to avoid panic buying of petroleum products, especially premium motor spirit (petrol), as there is enough stock of the product to keep the entire country wet for 23 days.

The Corporation gave this assurance against the backdrop of emerging queues noticed at some filling stations in the Federal Capital Territory, Abuja, arising from rumours of impending scarcity.

In a statement signed by Ohi Alegbe, Group General Manager, Group Public Affairs Division, Nigerian National Petroleum Corporation, the corporation explained that besides the recent meeting of the Management of the Corporation with members of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to rally them for the uninterrupted fuel supply policy of the administration, it has set up a monitoring team at the Pipeline and Products Marketing Company (PPMC) to check sharp practices that could breach the distribution and supply system.

It put the quantity of petrol stock in its depots across the country at 927,461,000 litres which is enough to serve the country for the next 23 days if no drop of the product is imported within the period.

It warned marketers not to engage in products hoarding and diversion as the PPMC monitoring team is empowered to sanction anyone found defaulting in those regards.

The Corporation also reiterated its call on members of the Nigerian public to discountenance the rumour of the reduction of the pump price of petrol to N57 per litre, adding that the price of the product remains N87 per litre.