‘Stop panic buying’ — NNPC assures Nigerians of 30-day petrol stock


The Nigerian National Petroleum Company (NNPC) Limited says
the country has adequate stock of petrol to last for 30 days.


In a statement on Thursday, NNPC Retail, the national oil
company’s subsidiary, said petrol queues in Lagos and some other parts of the
country are due to reduced depot loadout in Apapa.


NNPC said the reason behind the lag has since been


“NNPC Retail Ltd. notes the appearance of fuel queues in
some parts of Lagos and a few other locations around the country,” the
statement reads.


 “This is due to
reduced Depot loadout in Apapa, Lagos over a few days, and the root cause has
since been addressed.


“We assure all Nigerians that there is ample supply with
sufficiency of at least 30 days.”


NNPC, therefore, advised motorists to desist from panic
buying as distribution “will normalise over the next couple of days”.


The NNPC recently regained its status as the sole importer
of petrol into the country.


Mele Kyari, firm’s group chief executive officer (GCEO),
said the situation had changed as licensed private oil companies were unable to
obtain foreign exchange (FX) for importation.


“None of them (fuel companies) can do it today. That means
we can manage the market situation without creating any subsidy environment.
But for them, access to foreign exchange is difficult. We have access to FX; we
create FX, therefore, we have access to FX and their access to FX is limited,”
he had said.


Kyari added that the increasing diesel price would have an
adverse effect on petrol.


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