The Nigerian National Petroleum Company (NNPC) Limited has announced a significant improvement in the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol.
According to a statement issued by the company’s Chief Corporate Communications Officer, Olufemi Soneye, on Tuesday in Abuja, NNPC has over 1.5 billion litres of products in stock, equivalent to 30 days of product sufficiency, News About Nigeria reports.
The company said it has been monitoring filling stations across several states, including Lagos and the Federal Capital Territory (FCT), and has observed that fuel queues have thinned out significantly.
It further states that it is working closely with relevant downstream agencies, such as the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector, and security operatives, to address hoarding and other unwholesome practices that may hinder the smooth supply of petrol.
This development comes after a fresh round of petrol scarcity hit the country two weeks ago, leading to an increase in pump prices. Major Energy Marketers Association of Nigeria (MEMAN) stations sold petrol for between N610 and N800, while Independent Petroleum Marketers Association of Nigeria (IPMAN) stations sold for as high as N800 per litre. Black marketers and racketeers took advantage of the situation, selling petrol for as high as N1200 per litre.
We earlier reported that the NNPC on Saturday attributed the persistent fuel scarcity in the country to panic buying and sharp practices by some petroleum marketers.
The corporation, however, assured that the fuel queues across the country would end this week.
According to the NNPC spokesperson, Olufemi Soneye, the company currently has about three billion litres of petrol, sufficient to last for at least 30 days.
He blamed oil marketers and panic buying for the lingering queues, saying, “The queues are clearing, but people are trying to hoard, while others are buying what they don’t need.”
