NNPC Urges Nigerians Not To Engage In Panic Buying

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The Nigerian National Petroleum Corporation (NNPC) has called on members of the public to avoid panic buying of petroleum products, especially premium motor spirit (petrol), as there is enough stock to cater for the entire country for the next 23 days.

The Corporation gave this assurance following the resurfacing of queues at some filling stations in the Federal Capital Territory, Abuja, and some parts of Lagos, arising from rumours of impending scarcity.

The NNPC explained that besides the recent meeting of the Management of the Corporation with members of theMajor 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 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 put the quantity of petrol stock in its depots across the country at 927,461,000 litres which is enough to serve the country for the next 23 days if no drop of the product is imported within the period.

It, therefore, warned marketers not to engage in products hoarding and diversion as the PPMC monitoring team is empowered to sanction anyone found wanting.

It also reiterated its call on members of the public to disregard the rumour of the reduction of the pump price of petrol to N57 per litre, stressing the product still sells at N87 per litre.

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