Motorists are being encouraged by the Nigerian National Petroleum Company Limited, NNPCL, to avoid engaging in panic buying of Premium Motor Spirit, PMS, commonly referred to as petrol.
In a statement released on Tuesday by Olufemi Soneye, the Chief Corporate Communications Officer, it was highlighted that there has been a noticeable reduction in queues at filling stations across various states, including Lagos and the Federal Capital Territory, FCT. This indicates a continuous improvement in supply that is expected to extend to other regions.
The NNPC emphasizes the ample availability of PMS, with an extensive stockpile exceeding 1.5 billion liters, equivalent to over a 30-day sufficiency.
The company is also actively collaborating with key downstream agencies like the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labor unions in the sector, and law enforcement agencies to tackle hoarding and other illicit activities that disrupt the smooth distribution of petroleum products, as stated in the release.
This development follows shortly after petroleum marketers reported that the NNPCL had tapped into its reserves nationwide to address the ongoing fuel scarcity issue.
Nigerians have been facing fuel scarcity for weeks despite NNPCL’s initial assurance of product availability.