The Nigerian National Petroleum Company Limited has partnered with security agencies and other industry stakeholders to knock down a cartel suspected to be hoarding petrol across the country.
According to the company, it has products that can last up to 30 days due to continuous improvement in nationwide supply and distribution of Premium Motor Spirit PUMPs also known as petrol.
This was disclosed in a statement by the Chief Corporate Communications Officer of NNPCL, Olufemi Soneye, on Tuesday.
Soneye urged motorists to shun panic buying of the product.
The statement reads “As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.
“In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other States.
“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 Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector, and security operatives, to address hoarding and other unwholesome practices.”
Recall that the Nigeria National Petroleum Corporation had blamed the lingering fuel scarcity in the country on panic buying and sharp practices by some petroleum marketers who are exploiting the present situation to make more money.
However, petroleum marketers disagreed with the position of the NNPC, insisting that inadequate supply was a major reason for the persisting fuel scarcity.
