By HEADLINENEWS.
The Nigerian National Petroleum Company Limited (NNPCL) has warned the public against panic buying of the premium motor spirit (PMS), also known as petrol, stating that it has about 1.5 billion litres of the product which would be sufficient for 30 days’ supply.
This was disclosed in a statement by the company, noting that queues across fuel stations in the country have reduced significantly over the measures it has taken to address supply scarcity.
It stated, “
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.”
“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 company further noted that it is collaborating with relevant agencies, the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), labour unions and security agents to address uncompetitive practices and hoarding by marketers and distributors.
- “It stated,
“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.”
Backstory
In the past week, Nigerians have had to queue for petrol due to shortages in the supply of the product, resulting in a significant increase in its pump price across the country.
Although the NNPCL stated that the scarcity would be over in three days, blaming the shortages on logistical and distribution issues. However, the scarcity has lingered on and resulted in a significant increase in transportation costs for members of the public.
