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Fuel Hikes: NNPCL cautions consumers against panic buying, assures of product sufficiency

*The Nigerian National Petroleum Company Limited assures of nationwide supply and distribution of the Premium Motor Spirit, also known as petrol, noting the state oil firm still has over 1.5 billion litres of petrol in stock for least 30 days of product sufficiency

Isola Moses | ConsumerConnect

Against the backdrop of the recent petrol scarcity with the attendant product price hikes across the country, the Nigerian National Petroleum Company (NNPC) Limited, again, has cautioned fuel consumers against panic buying.

However, as the fuel situation improves in major cities in the country,  the Company assured the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol to consumers.

The NNPCL, in a statement Mr. Olufemi Soneye, Chief Corporate Communications Officer at NNPCL, issued Tuesday,  May 7, 2024, in Abuja, FCT,  disclosed the state oil firm still has over 1.5 billion litres of products in stock, which he noted translated to 30 days of product sufficiency in the supply chain.

ConsumerConnect reports  the development comes after a recent fresh round of petrol scarcity resurfaced in the West African country two weeks.

The situation culminated in fuel pump prices increments to between N610 at most stations belonging to the Major Energy Marketers Association of Nigeria (MEMAN), and as high as N800 at the Independent Petroleum Marketers Association of Nigeria (IPMAN) stations.

Whereas black marketers and fuel racketeers also cashed in on the situation to inflate prices as high as N1,200 to N2,000 per litre in some parts of Nigeria, according to report.

Soneye, NNPCL Spokesman, also stated the Company had monitored filling stations across several states, including Lagos and the FCT, as the fuel supply situation improved.

According to NNPCL, fuel queues have since thinned out, “a development that will keep improving daily in other states.”

The Company further noted it is also collaborating with relevant downstream agencies, such as the Nigeran Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector, and security operatives, to address hoarding and other unwholesome practices.

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