According to industry statistics issued, the Nigerian National Petroleum Company Limited’s stock of Premium Motor Spirit, often known as petrol, fell by 5,481,239 litres.
According to data received from the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Tuesday, NNPC’s total PMS stock as on November 6, 2022 was 1,912,725,464 litres. According to NMDPRA statistics as of November 7, 2022, this fell to 1,907,244,225 litres, a reduction of 5,481,239 litres, with a total days’ sufficiency of 30.84.
For numerous years, NNPC has been Nigeria’s sole importer of gasoline. Other marketers ceased petrol imports due to their inability to get foreign currency without difficulty.
Despite NMDPRA assertions that there was more than 30 days’ supply, lineups for fuel in numerous northern states were long on Tuesday, with many filling stations closing owing to a shortage of goods to distribute. BizwatchNigeria reported on Tuesday that the price of petrol at depots had jumped to as much as N200/litre.
According to the report, private depot owners raised PMS prices, which were lately about N178 to N185/litre, due to a reduction in supply by the NNPC, among other operational difficulties.
Both the Independent Petroleum Marketers Association of Nigeria and the Petroleum Retail Outlet Owners Association of Nigeria had told our correspondent that tankers were now spending more than one week on queues for petrol at depots.
This, they said, had led to empty filling stations nationwide, a development that had caused chaos at some of the few outlets that dispensed petrol in Abuja, Nasarawa, Niger and neighbouring states.
The National Vice President, IPMAN, Abubakar Maigandi, confirmed the reduction in supply by NNPC and the hike in the ex-depot price of petrol at depots in Lagos and Warri, Delta State.
