NNPC cautions against panic purchases, assures Nigerians of availability with 1.5 billion liters of petrol for distribution.
The Nigerian National Petroleum Company (NNPC) Limited has cautioned Nigerians against panic buying, affirming that it has a stockpile of over 1.5 billion liters of premium motor spirit (PMS), commonly known as petrol.
Mr. Olufemi Soneye, the Chief Corporate Communications Officer of NNPCL, issued the warning in a statement on Tuesday. He noted that the long queues witnessed at various filling stations across the country, including Lagos and Abuja, have gradually dissipated, with the situation expected to further improve daily in other states.
Soneye stated, “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.”
NNPC Ltd is collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labor unions in the sector, and security operatives to address hoarding and other unwholesome practices.
Despite the queues resurfacing amid petrol scarcity, NNPC attributed the situation to logistics issues on April 25, assuring Nigerians that these issues had been resolved. On April 30, NNPC stated that the ongoing shortfall in petroleum product supply would end by May 1.
Festus Osifo, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), attributed the current petrol scarcity to contractual issues between mother and daughter vessels on May 6.
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