The Petroleum Products Pricing Regulatory Agency, PPPRA, has declared that Nigeria currently has about 31 days sufficiency of petrol as of Monday, February 22, 2021.
This is despite reports of supply shortage in some states and alleged hoarding of the product by filling stations.
The PPPRA daily report obtained by BizWatch Nigeria showed that the average petrol land stock as of Monday stood at 1.23 billion litres while marine stock was 547.27 million litres with the total stock standing at 1.78 billion litres.
According to the daily report, land based stock sufficiency is 21.98 days, marine days sufficiency is 9.77 days, making a total of 31.75 days sufficiency.
The PPPRA said Nigerian National Petroleum Corporation had land stock level of petrol was 438.08 million litres, which would be sufficient 7.82 days; major marketers had 79.85 million litres sufficient for 1.43 days and Depot and Petroleum Products Marketers Association of Nigeria had land stock level of 713.04 million litres that will be enough to serve the country for 12.73 days.
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At berth, the report stated that DAPPMA had 120.21 million litres of petrol that will serve the country for 2.15 days.
On offshore stock of petrol, the report stated that only NNPC had 427.07 million litres sufficient for 7.63 days.
Meanwhile, the Department of Petroleum Resources (DPR) has warned fuel depot owners against hoarding petroleum products in their facilities, saying it would sanction erring operators.
The Director, DPR, Mr. Sarki Auwalu, said the warning was necessitated by reports received by the agency on the activities of some depot owners who had created artificial scarcity by hoarding products in some parts of the country.
According to him, the depot owners’ nefarious activities are causing Nigerians untold hardships.
He said from available records, there was product sufficiency in the country, adding that there was no need for “such practices by this group of unpatriotic citizens”.
Auwalu said the DPR, as the licence issuers to all oil and gas facilities in Nigeria, including the depots, would not hesitate to apply appropriate sanctions on any depot found wanting in this regard.
