fbpx
BUSINESS & ECONOMYNEWSLETTEROIL & GAS

There Is Ample Petrol To Meet Demand – NNPC

NNPC Suffers N120.9bn Operating Revenue Decline In January

Nigerian National Petroleum Corporation (NNPC) Limited yesterday said there is ample stock of petrol to meet local demand, calling on the public to abstain from panic buying of the Premium Motor Spirit (PMS) or petrol.

Group General Manager Group Public Affairs Division Garba Deen Muhammad said NNPC Limited has sufficient PMS stock to meet the needs of Nigerians. “The public is, therefore, advised not to engage in panic buying of petrol; and ignore all rumours that may suggest otherwise.

“In line with the existing laws of the land, NNPC Limited. is deeply dedicated to ensuring energy security for the country,”

According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President Alhaji Abubakar Maigandi, the scarcity was due to panic buying resulting from the anticipated removal of subsidy.

Recalled that the Federal Government has shelved the removal of the subsidy.

The trucks, said Maigandi, could not lift the product for three days. The setback, according to him, contributed to the shortage in supply.

He, however, expressed hope that since the trucks started loading on Saturday, the supply to retail outlets would have improved by today.

He said IPMAN has directed its members to commence the product’s sale.

“The scarcity is because of panic buying due to the rumoured removal of subsidy.

“On Wednesday, what happened was that there were some issues in terms of capturing. There is no way a truck can move if it is not being captured.

”That one too contributed to this scarcity. Every truck loaded at the depot must be captured before it is loaded,” Maigandi added.

“So it is because of that machine that one delayed the truck capturing from Nipco depot. The fault was cleared on Saturday. It was only Saturday they started releasing the trucks.

“We have already authorized the whole marketers to go and load from the depots so that they will bring the product. Tomorrow you will see this scarce will go.”

This culminated in long queues and black-marketing. 10 litres of the product were sold between N3500 to N4000 in the city capital.

About Author

Emmanuel Martins is a graduate of Mass Communication. He loves writing and reading. Emmanuel aspires to be a renowned author and publicist. Emmanuel can be reached via [email protected]

Comment here

This site uses Akismet to reduce spam. Learn how your comment data is processed.