No Fuel Scarcity During Festive Period, NNPC Assures

The Nigerian National Petroleum Corporation (NNPC) on Monday said it had enough petroleum products to last the country for 54 days and cautioned against panic buying.

Dr. Levi Ajuonuma, Group General Manager, Public Affairs Division of NNPC, told the News Agency of Nigeria (NAN) in an interview in Lagos that the corporation would ensure petroleum products were available in all filling stations across the country.

Ajuonuma cautioned against panic buying and the indiscriminate hoarding of petroleum products by marketers in anticipation oil subsidy removal by the Federal Government.

He said the panic-induced queues in some parts of the country had nothing to do with shortage of the product, saying that marketers and private depot owners have adequate supply of the products.

“We have assured Nigerians that they should avoid panic buying of petroleum products, because we have products that can last the nation for about 54 days.

“As I am speaking, the Pipelines and Products Marketing Company Ltd. (PPMC) has stepped up supply of the products that will sustain through Christmas and New Year festivities,” Ajuonuma claimed.

Mr. Paul Osu, Public Relations Manager of the Department of Petroleum Resources (DPR), the apex regulatory body in the oil and gas industry, told NAN correspondent that there was no basis for fuel hoarding as the nation had enough in stock. He said any marketer that engaged in hoarding would lose at the end.

“I do not see the basis for hoarding the products. Most of the marketers borrowed money from banks to buy the fuel.

“If they decide to hoard it, they will be the losers because they will not be able to sell their product in good time and make quick returns,” he said.

NAN reports that with the Federal Government’s determination to remove the subsidy on petrol, marketers started hoarding the product, resulting in panic buying and queues at most filling stations in Lagos.