The company said it has over 1.5 billion litres of Premium Motor Spirit (PMS) in stock equivalent to over 30 days of sufficiency
The Nigerian National Petroleum Company Limited (NNPC Ltd) has once again cautioned Nigerians against engaging in panic buying of petrol, saying it has enough supply for the country.
The NNPC said this in a statement by its Chief Corporate Communications Officer, Olufemi Soneye, on Monday.
The company said it has over 1.5 billion litres of Premium Motor Spirit (PMS) in stock equivalent to over 30 days of sufficiency.
PREMIUM TIMES reported how fuel scarcity hit major cities across Nigeria in recent weeks, with attendant effects on businesses and households.
This also resulted in a few commercial vehicles increasing their fares in the nation's capital.
In the wake of the worsening fuel crisis, the NNPC Ltd warned petroleum products consumers against panic buying and hoarding of fuel.
Mr Soneye told PREMIUM TIMES at the time that the challenge in the supply of petrol currently being experienced in some areas across the country is a result of logistics issues and they had been resolved.
Queues disappear
On Monday, this newspaper found that the long queues in fuel stations across the Federal Capital Territory, Abuja, in recent weeks reduced significantly.
A PREMIUM TIMES correspondent who visited petrol stations Monday afternoon found that some of the stations visited were found selling petrol to motorists.
Many filling stations in the Wuse, Apo, Central Business District and the Lugbe areas of the city are sold to buyers at prices ranging between N655 and N700. Vehicles were seen moving in and out of the filling stations visited with ease as against the long queues experienced a few days ago.
However, retail outlets of the NNPC continue to sell the product for N617 per litre.
There were a few people at the NNPC retail outlets in the Central Business District area along Wuse Road. Motorists said the queue seen was due to the difference in price of the product.
A motorist at the station, Ogummilua Ajayi, said: "I think there's an improvement now. The queue is no longer as it used to be. Other fuel stations have fuel and you will not see queues like before."
A civil servant, Monday Ugwu, said "The queue you are seeing here is because NNPC sells for N617. So people prefer to buy from them."
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Another motorist at the station, Femi Ajao, said there are more fuel queues in the city as people can now drive into fuel stations and buy petroleum products with ease.
In its statement on Monday, NNPC, said it is also collaborating with relevant downstream agencies, labour unions in the sector and security operatives, to address hoarding and other unwholesome practices.
"As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol continues 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 of PMS in stock, which is equivalent to over 30 days of 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," it said.
