As the supply and distribution of Premium Motor Spirit (PMS), commonly known as petrol, continue to improve nationwide, the Nigerian National Petroleum Company (NNPC) Limited has urged the public to refrain from panic buying, emphasizing that it currently holds over 1.5 billion litres of petrol in stock.
In a statement issued by the company’s Chief Corporate Communications Officer, Olufemi Soneye, in Abuja on Tuesday, it was disclosed that the 1.5 billion litres of petrol translates to 30 days of product sufficiency. NNPC stated that it has been monitoring filling stations across various states, including Lagos and the Federal Capital Territory (FCT), and has observed a reduction in fuel queues. The statement noted that this trend is expected to continue improving across other states as well.
NNPC further revealed its collaboration with relevant downstream agencies, such as the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labor unions in the sector, and security operatives, to address issues like hoarding and other malpractices.
This announcement comes on the heels of a recent bout of petrol scarcity that gripped the nation two weeks ago, leading to price hikes at fuel stations. Pump prices soared to as high as N610 at most stations associated with the Major Energy Marketers Association of Nigeria (MEMAN), and even reached N800 at stations belonging to the Independent Petroleum Marketers Association of Nigeria (IPMAN). Additionally, black marketers and racketeers took advantage of the situation, inflating prices to as much as N1200 per litre.