25 October 2018

Nigeria: NNPC Allays Fear of Petrol Scarcity During Festive Season

The Nigerian National Petroleum Corporation (NNPC) has assured motorists and other consumers of availability of petroleum products during the festive period.

Group Managing Director, Dr. Maikanti Baru, in a statement yesterday said that the NNPC has 37 days fuel sufficiency of which strategies had been put in place to ensure that Nigerians experience a hitch-free festive period.

Besides, the Corporation has warned petroleum products consumers across the nation against mishandling of white products as the dry season draws near in the country.

Its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, in the statement said that experience had shown that commuters stock petroleum products at home or move about with them in their vehicle boot at this period of the year, thereby exposing themselves and others to serious danger.

In another development, exports of the four largest grades of Nigeria's crude oil will rise to 879,608 barrels per day in December, the highest since April this year, according to loading schedules seen by trading sources yesterday.

These major crude grades are Forcados, Bonga, Bonny Light and Qua Iboe crude streams.

Meanwhile, demand for Angolan cargoes of crude remained healthy yesterday, while a series of tenders by major Asian refiners and freight rates at multi-year highs kept activity on the Nigerian market fairly subdued.

Supply of Nigerian crude looks set to continue rising into the end of the year, according to Reuters report.

Qua Iboe was offered around $1.40 a barrel above dated Brent, down sharply from the most recent indications earlier this week of closer to $1.70 a barrel, traders said.

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