The Nigerian National Petroleum Company Limited has assured the general public of the availability of over 1.5 billion litres of petroleum products in stock.
It therefore cautioned against panic buying even as motorists in major cities across the country continue to experience various forms of challenges ranging from price instability or non-availability of Premium Motor Spirit otherwise known as petrol at filling stations.
The company in a statement on Tuesday insisted that there is a remarkable improvement in the distribution of the product across the country recently.
Chief Corporate Communications Officer, NNPCL Olufemi Soneye, said the 1.5 billion litres equals 30 days of product sufficiency.
The company said it had monitored filling stations across several states, including Lagos and the FCT, and has noticed that fuel queues have since thinned out, “a development that will keep improving daily in other states,” the statement added.
The national oil company said it 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.
The development comes after a fresh round of petrol scarcity hit the country three weeks ago, forcing pump prices to increase to between N610 at most stations belonging to the Major Energy Marketers Association of Nigeria, and as high as N800 at the Independent Petroleum Marketers Association of Nigeria stations.
Black marketers and racketeers also seized the opportunity by jerking prices as high as N1200 per litre.
