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NNPC Boasts Of Mass Storage Of Petrol

…Raises penal hammer against cheating marketers


Nigerian National Petrole­um Corporation (NNPC) has declared that it has suf­ficient stock of the premium motor spirit also called petrol, and called on the people to re­sist the urge for panic buying of fuel.

The corporation also warned marketers not to en­gage in products hoarding and diversion saying it has em­powered a monitoring team in the Pipeline and Products Marketing Company (PPMC) to sanction companies caught in sharp market practices.

The statement by the cor­poration’s spokesman, Mr. Ohi Alegbe, came in response to noticeable scarcity of petro­leum products in major cities across the nation, including Abuja and Lagos.

Market survey by The UNION yesterday showed that major service centers op­erated by the major oil mar­keters in Lagos and Abuja closed to customers as fuel attendants claimed that they ran out of supplies.

However, sources at depots and jetties said that where­as import traffic has slowed down supply situation has not reached panic level.

The onset of scarcity fol­lowed spike in fuel demand as last quarter economic and so­cial activities gather heat at a time speculations of fuel price reduction frightened market operators with social unrest.

The fears that motorists might refuse to pay correct fares forced some major mar­keters to shut down their key stations to limit security risks.

In trying to douse the ten­sion in the domestic market, NNPC declared yesterday that apart from securing the commitment and collabo­ration of major marketing companies in meeting domes­tic fuel demands in the high demand high season the do­mestic pump prices of petrol remains N87 per liter.

The corporation called on members of the public to avoid panic buying of petro­leum products, especially pet­rol, saying it has enough stock of the product to keep the en­tire country wet for 23 days.


– Sopuruchi Onwuka

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