NNPC Sends Message to Nigerians on Petrol Scarcity, Advises Nigerians

• NNPC Limited has assured Nigerians that there is enough petrol available to meet the needs of the people
• The state-owned oil company has asked Nigerians to stop panic buying and to address rumours of a new fuel price
• For weeks, Nigerians have struggled to buy fuel at filling stations, which NNPC has blamed on logistics challenges

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company Limited (NNPC) has assured Nigerians that it has over 1.5 billion litres of stock of premium motor spirit (PMS), also known as petrol, enough to serve the country for the next 30 days.

This was disclosed in a statement released on X (formerly Twitter) on Tuesday, May 7, 2024, and signed by Olufemi Soneye, the company's chief corporate communications officer.

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NNPC on fuel queues

The NNPC also said that the long queues at filling stations nationwide will disappear as the supply and distribution of petrol continue to improve.

It added that queues in filling stations were gradually disappearing across several states, including Lagos and the FCT.

The statement reads:

"As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.

"In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other States.

"The Company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

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

Petrol landing cost hits new record

In related news, Legit.ng reported that while Nigeria's foreign exchange crisis worsened, the landing cost of imported petrol exceeded N1,000 per litre.

Findings indicated that the landing cost of gasoline—which includes the product's foreign pricing, transportation, insurance, and other charges—rose to N1,009/litre from N720/litre at the black-market rate of N1,500 per dollar.

Analysts believe the government is still quietly subsidising petrol to ease the hardship already faced.

Source: Legit.ng