21 October 2013

Nigeria: NNPC Denies Stopping Importation of Petroleum Products

The Nigerian National Petroleum Corporation (NNPC) has said it has not stopped importing petroleum products into the country.

NNPC in a statement yesterday in Abuja, refuted allegations that it had stopped the importation of petroleum products as reported in some national and international media.

The statement, which was signed by the acting Group General Manager, Group Public Affairs Division of NNPC, Tumini Green, stated that the corporation's petrol supply in the system was in line with its approved quota for the national demand with a view to ensuring seamless supply as the country approaches the peak period in the last quarter of the year.

She explained that the NNPC, as supplier of last resort, was saddled with the responsibility of maintaining a robust strategic reserve with additional reasonable buffer in line with the nation's energy supply policy.

According to her, the corporation's petrol stock holding is in tandem with the approved Petroleum Products Pricing Regulatory Agency (PPPRA) allocation to it, adding that the stock level covered marine, inland and strategic stock.

She specifically stated that as at October 17, the marine stock offshore stands at 19 cargoes translating to about 25.6 days sufficiency, which is she also noted was part of the national strategic reserve.

Green noted that the aggregate strategic reserve and buffer had been misrepresented in some media as marine stock lying offshore.

She said with a view to ensuring stable petrol supply during the end of the year festive period, the corporation had taken proactive measures to schedule its delivery laycans in order to guarantee steady fuel supply to the nation.

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