NNPC Blames Panic Buying, Hoarding For Fuel Scarcity

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The Nigerian National Petroleum Corporation (NNPC), yesterday, promised to put an end to the growing fuel crisis across the country.

“On Friday, we had stated that in 48 hours we will wet the market with 688 million litres of petrol. Distribution of products is by trucking. You will agree that it is some distance from the depots and tank farms in the south to the depots and retail outlets in the hinterland. […]the queues should disappear before long,” NNPC spokesman, Ohi Alegbe told Vanguard.

He blamed the scarcity on panic buying by motorists and sharp practices by some retail outlets who are hoarding the commodity.

“Panic buying has persisted in spite of our appeal to motorists. Secondly, some retail outlets are hoarding the product by dispensing from only one pump head. We have reported some of them to the DPR and we believe appropriate sanctions will be meted out to them appropriately,” Alegbe added.

The NNPC had on Friday said it was flooding the market with about 688 million litres of Premium Motor Spirit (PMS), but scarcity has persisted, especially in major towns like Abuja, Lagos and Enugu, among others. The situation is expected to improve this week if consumers of the fuel will stop panic buying and retailers stop hoarding.

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