Fuel not scarce, stop panic buying, NNPC tells Nigerians

By Michael Eboh
The Nigerian National Petroleum Corporation
(NNPC), Tuesday, called on Nigerians to desist
from panic buying of Premium Motor Spirit
(PMS), also known as fuel, stating that it has
about 23 days of product supply in all its depots
across the country.
Reacting to the resurgence of fuel queues in
some cities across the country, the NNPC, in a
statement by Mr. Ohi Alegbe, Group General
Manager, Group Public Affairs Division, stated
that its depots have about 927.461 million litres
of PMS which is enough to serve the country for
the next 23 days if no drop of the product is
imported within the period.
The NNPC blamed the resurgence of queues at
petrol filling stations on rumour of an impending
scarcity, assuring that it has enough products to
meet the demand of the country.
It also warned oil marketers not to engage in
sharp practices, stating that anyone found
wanting would be dealt with decisively.
The NNPC noted that it recently held a meeting
with the members of the Major Oil Marketers
Association of Nigeria (MOMAN) and the Depot
and Petroleum Products Marketers Association
(DAPPMA) to rally them for the uninterrupted
fuel supply policy of the administration.
It also stated that it has set up a monitoring
team at the Pipeline and Products Marketing
Company (PPMC) to check sharp practices that
could breach the distribution and supply system.
It warned marketers not to engage in products
hoarding and diversion as the PPMC monitoring
team is empowered to sanction anyone found
defaulting in those regards.
The NNPC had on Monday promised to work
with other downstream petroleum sector
stakeholders to eliminate obstacles to the free
flow in supply of petroleum products across the
country.
Mr. Ibe Kachikwu, Group Managing Director of
the NNPC had also vowed to work with other
relevant Federal Government agencies to fast
track the payment of outstanding subsidy
claims to oil marketers.
In the interim, Kachikwu had promised to
arrange for a meeting with the relevant creditors
(bankers) to ease off pressure on marketers and
extend the credit lines.
He added that several financing mechanism are
being explored to offset the commitment to oil
marketers.
He hinted at the possibility of exploring the
monthly payment option, stating that the Federal
Government might, in the future, explore some
creative means to prevent backlogs.
Kachikwu had also stated that the issue of
uninterrupted supply and distribution of
petroleum products across the country is of
utmost importance to the present
administration.
He noted that the Federal Government is willing
to do everything possible to ensure that
members of the public do not go through any
form of hardship in accessing petroleum
products particularly PMS.