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Stop Panic Buying of Petrol – NNPC Tells Nigerians

Valentine Chinyem

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The Nigerian National Petroleum Corporation (NNPC) has given the assurance that there is enough stock of Petroleum products, especially premium motor spirit (petrol), and therefore called on the public to avoid panic buying, saying the stocked product is enough to last the country for 23-days.

The assurance is coming as a result of the re-emergence of queues at some filling stations in the Federal Capital Territory, Abuja, and as well as some States in the country.

It explained that one of the reasons for the recent meeting of the Management of the Corporation with members of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA), was to remind them of the uninterrupted fuel supply policy of the administration and in view of this, it has set up a monitoring team at the Pipeline and Products Marketing Company (PPMC) to check sharp practices that could breach the distribution and supply system.

More so, the corporation has pegged the quantity of petrol stored up in its depot’s at 927,461,000 litres, which is enough to serve the country for the next 23 days if no drop of the product is imported within the period.

It warned marketers not to engage in products hoarding and diversion as the PPMC monitoring team is empowered to sanction defaulters.

The corporation however added that petrol price has not been reduced to N57 per litre, as rumoured by the public, adding that the price of the product remains N87 per litre.