Home Business Petrol Supply will Improve, Stop Panic Buying – NNPC Promises

Petrol Supply will Improve, Stop Panic Buying – NNPC Promises

Nigerians across different states are lamenting the hike in fuel prices in recent days, and the existence of long queues. The Nigerian National Petroleum Company Limited (NNPC Ltd) had attributed to logistical challenges.

Despite ongoing nationwide fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) Limited has once again cautioned motorists against panic buying petrol, known as premium motor spirit (PMS). This is the second warning in two weeks.

In a statement released on X today, signed by Olufemi Soneye, NNPC’s Chief Corporate Communications Officer, the company emphasised that the supply and distribution of petrol across the nation have shown signs of improvement.

According to NNPC, queues at filling stations in various states, including Lagos and the Federal Capital Territory (FCT), have significantly reduced. The situation is expected to continue improving daily in other states.

NNPC revealed that it currently holds over 1.5 billion litres of PMS, ensuring more than 30 days of sufficiency. Additionally, the NNPC reaffirmed its commitment to collaborating with relevant bodies to address hoarding and other illicit practices in the sector.

“The company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency. The NNPC Ltd is also collaborating 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”, NNPC promised.

This latest warning follows NNPC’s initial call to Nigerians to avoid panic buying on April 25. In light of the seemingly ongoing improvements in petrol supply, consumers are urged to refrain from panic buying and expect further enhancements in petrol availability nationwide in the coming days.

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