Saturday, November 27, 2021

Fuel Scarcity: NNPC Cautions Against Panic Buying, Assures Of Adequate Products Supply

Fuel Queues

As fuel queues return to some parts of the country, the Nigerian National Petroleum Corporation (NNPC) has cautioned Nigerians against panic buying of premium motor spirit (PMS), saying it has sufficient stock to last the festive period and beyond.

A statement by the NNPC group general manager, group public affairs division, Garba Muhammad, said the company was also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country. 

Science Nigeria reports that the return of the fuel queues at filling stations may not be unconnected with the increment of petrol pump price from N148/litre to N157 per litre by private depots in different parts of the nation. 

The increment, our correspondent gathered, has discouraged many marketers under the auspices of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who lift 90 per cent of their petrol from these depots.

However, speaking at the 2021 strategic international conference of the Association of Energy Correspondents of Nigeria (NAEC), themed ‘Petroleum Industry Act: energy transition and the future of Nigeria’s oil and gas’ today (November 2) in Lagos, the NNPC group managing director, Mallam Mele Kyari, allayed fears of any hitch in the supply of petroleum products, following reports of re-emergence of queues in some parts of the country.

Kyari said NNPC’s objective was to provide energy security for Nigeria and ensure the availability of petroleum products in the country.

“Presently, there is speculation of fuel scarcity within the media but we have over 1.7 billion litres of premium motor spirit in the country. We have another 2.3 billion litres coming in, so there is no shortage in supply as being speculated. Of course, there are issues about pricing at some depots but the government has no plan to revise the pricing structure,” he added.

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