Petrol Subsidy: NNPC Warns Against Hoarding Petrol, Says There is Enough in Stock

• The Nigerian National Petroleum Corporation has said it has enough petrol in stock and asked Nigerians to ignore rumours of scarcity
• The NNPC was reacting to rumours that since the removal of subsidies have been shelved by the government, petrol will become scarce
• The Nigerian government yielded to public pressure and shelved its plans to remove subsidy on petrol it had earlier scheduled to take place this year

Nigeria’s petroleum corporation (NNPC) has asked Nigerians not to hoard petrol to ignore rumours of impending shortages and not panic-buy, saying it has enough in stock.

A Nairametrics reports said the NNPC said this on Wednesday, January 26, 2022, online.

This comes as the Nigerian government shelved its plans to remove fuel subsidies the cost of which would have been covered by the NNPC.

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What the NNPC said

According to a statement by the NNPC, it has enough petrol in stock to meet domestic supply needs.

“The public is, therefore, advised not to engage in panic buying of petrol; & to ignore all rumours that may suggest otherwise,” it stated.

The statement stated that the NNPC is very committed to making sure energy security for the country is guaranteed.

Petroleum Minister speaks

Minister of State for Petroleum, Timipre Sylva had stated that the full removal of fuel subsidies is hinged on 3 factors which include, the timeline of new refineries coming online, palliatives to Nigerians to cushion the consequences of the removal by the Minister of finance and the full implementation of the autogas policy of the FG.

Oil price hits $90 in an 8 year high

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Meanwhile, Legit.ng has reported that the price of Brent crude topped the $90 benchmark on Wednesday, January 26, 2022, for the first time since 2014 as it makes a blistering comeback.

The cusp breakthrough comes as geopolitical tension between Russia and Ukraine as well as supply remains very tight in the midst of a comeback demand.

Oil added more than 2 per cent at one point to reach $90.47 per barrel for the first time since 2014. It pulled back briefly in the afternoon, settling at 2 per cent higher at $89.96 per barrel.

Source: Legit.ng