The Nigerian National Petroleum Company Limited (NNPCL) has reassured the public that there is sufficient stock of premium motor spirit (PMS), commonly known as petrol, with over 1.5 billion litres available, equivalent to a 30-day supply. In a statement, the company urged motorists to refrain from panic buying, noting that recent measures have led to a significant reduction in queues at fuel stations across the country.
Collaborating with relevant agencies and stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), labour unions, and security agents, NNPCL is addressing issues of hoarding and uncompetitive practices by marketers and distributors.
The recent fuel scarcity, which resulted in long queues and increased pump prices, has been attributed to logistical and distribution challenges. Despite earlier assurances that the scarcity would be resolved within three days, the situation persisted, leading to further economic strain on the public, with transportation costs rising significantly.
Reports indicate that petrol prices soared to over N700 per litre in some areas, reaching as high as N1500 per litre in the black market. This spike in prices has also translated into a substantial increase in transportation costs, exacerbating the financial burden on commuters, particularly in Lagos and other affected regions.
The ongoing scarcity has reignited discussions on the resumption of petrol subsidy payments, which were discontinued in 2023. With the federal government previously estimated to be spending approximately N600 billion monthly on fuel subsidy due to currency depreciation, stakeholders continue to assess the implications of subsidy reinstatement amid prevailing economic challenges.
As NNPCL works to stabilize petrol supply and distribution, it emphasizes the importance of cooperation from all stakeholders to ensure uninterrupted access to essential fuel resources across Nigeria.
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