Don’t Panic Buy Petrol: NNPCL Reports 1.5 Billion Litres In Stock

• Don’t Panic Buy Petrol: NNPCL Reports 1.5 Billion Litres In Stock

• Vehicular queues at filling stations in Lagos and FCT gradually dissipating as scarcity eases

• NNPC collaborates with stakeholders to address hoarding and improve distribution efficiency

EKO HOT BLOG reports that the Nigerian National Petroleum Company (NNPC) Limited issued a cautionary statement to Nigerians on Tuesday, advising against panic buying of petrol. NNPC highlighted that it currently possesses 1.5 billion litres of the product, sufficient to sustain the nation for a month if distributed at a rate of 50 million litres per day.

This warning, coupled with assurance, arrives as the vehicular queues at filling stations, resulting from petrol scarcity, are gradually dissipating, notably in Lagos and the Federal Capital Territory (FCT). The scarcity initially emerged in the FCT over two weeks ago before spreading to other regions of the country.

NNPCL’s Chief Communications Officer Olufemi Soneye added in a statement that the company was collaborating with relevant stakeholders to address hoarding and other unwholesome practises in petrol distribution and sales.

Soneye listed the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the oil and gas sector as well as security agencies as some of the stakeholders.

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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.

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“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.”