Don’t Engage In Panic Buying, NNPC Tells Nigerians

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The Nigerian National Petroleum Corporation (NNPC), has advised Nigerians against panic buying of petroleum products, saying it is working to ensure constant supply across the country.

Accordingly, the national oil firm said it would increase the supply of petroleum products in February with six additional Premium Motor Spirit (petrol) cargoes of 37,000 tonnes each.

NNPC spokesperson, Ndu Ughumadu, in a statement, said the action is part of measures to ensure a constant supply of PMS, Automotive Gas Oil (diesel) and Dual Purpose Kerosene (DPK) nationwide.

Mr. Ughmadu said the plan will boost NNPC’s existing national PMS sufficiency for over 32 days.

He said the corporation also approved the importation of three additional diesel cargoes before the end of February and an order for the loading of 250 trucks of diesel and kerosene daily from the Port Harcourt, Kaduna and Warri refineries.

The NNPC’s spokesperson said the decisions were taken during an emergency meeting of the corporation’s downstream operations in Abuja.

It was the acting Group Managing Director, Saidu Mohammed, who chaired the meeting.

Mr. Mohammed was quoted to have said that the full list of marketers involved in lifting diesel and kerosene will be forwarded to the State Security Services (SSS) to ensure the products were not diverted.

“The move to provide additional PMS cargoes of 37,000 tonnes each was to give further comfort and stability to the robust petrol sufficiency nationwide,” Mr. Mohammed is quoted to have said.

“Other measure the corporation has taken, apart from ramping up fuel supply nationwide, is an expansion of daily truck load-out of petrol, diesel and kerosene, during weekends to ensure improved delivery to the hinterland.

“The corporation would provide additional marine logistics, all geared
toward improving products movements from offshore to land and to cater for additional PMS supply nationwide.”

The NNPC boss, therefore, advised downstream operators to immediately implement measures to sustain supply and distribution of petrol, diesel and kerosene to every part of the country.

Besides, he said efforts have been made to settle outstanding debts owed Duke Oil, the Corporation’s trading arm for products importation, even as it has put in place modalities for transparent accounting practice.

The statement also disclosed that the NNPC would obtain foreign exchange intervention fund from the Central Bank of Nigeria (CBN) while it was converting the existing issued $144m PMS FOREX intervention to AGO.

“As part of measures to sustain products supply stability across the country, NNPC planned to obtain, from the CBN, an AGO Foreign Exchange (FOREX) intervention to marketers as well as Depot and Petroleum Products Marketers Associations (DAPPMAN).

“Already, the corporation would convert the existing issued $144m PMS FOREX intervention to AGO. NNPC has also developed a comprehensive and clear deadline for the completion of the Atlas Cove-Mosimi pipeline and commenced shipment of AGO to Calabar.”

The corporation, however, advised Nigerians to desist from panic buying of petroleum products, saying adequate measures have been put in place to ensure a constant supply.

Ibanga

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