Fuel not scarce, stop panic buying, NNPC tells Nigerians
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.
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.
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