The Nigerian National Petroleum Company (NNPC) Limited warned Nigerians against panic buying, saying it has over 1.5 billion litres stock of premium motor spirit (PMS), also known as petrol.
Chief Corporate Communications Officer of NNPCL, Mr. Olufemi Soneye, gave the caution in a statement issued on Tuesday.
Soneye, said the queues seen in several filling stations in the country, including Lagos and Abuja, have since thinned out and that the development would keep improving daily in other states.
He said, “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.”
Queues resurfaced in filling stations amid petrol scarcity, leading to an increase in transport costs.
On April 25, the national oil company attributed the situation to logistics issues, assuring Nigerians that “they have been resolved”.
Also, on April 30, NNPC said the ongoing shortfall in the supply of petroleum products will end by May 1.
Festus Osifo, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on May 6, said contractual issues between mother and daughter vessels caused the current petrol scarcity.
