NNPC Warns Against Panic Buying of Petrol

By Modupe Gbadeyanka

Nigerians have been urged not to engage in any panic buying of petroleum products due to the rumoured planned hike in pimp price of fuel.

This warning was given by the Nigerian National Petroleum Corporation (NNPC), which assured motorists it has about 1.3 billion litres stock of PMS, otherwise called petrol, which is sufficient to serve the nation for more than 38 days.

In a statement issued by the agency, it explained that “this plea comes on the heels of reports that some motorists have begun panic buying of petrol, following rumours that the government is about to increase the pump price of the white product from N145 per litre.”

In the statement signed by its Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, the NNPC said “there is no iota of truth in the rumour that government is scheduled to adjust pump price of petrol.”

The agency stressed that, “Indeed, with the resumption of production by the corporation’s three refineries in Kaduna, Port Harcourt and Warri, complemented by imports, there is enough stock of PMS, Automotive Gas Oil (AGO), diesel and kerosene.”

According to the statement, this fact was explained by NNPC Chief Operating Officer of the Refineries, Mr Anibor Kragha while briefing the Senate Committee on Petroleum Downstream in a presentation on the current status of the refineries at the National Assembly Complex in Abuja.

In the presentation, Mr Kragha told the legislators that the nation’s three refineries produced additional volumes of 4.6 million litres of kerosene and 7.7 million litres of diesel, in addition to millions of litres of petrol being refined daily at the nation’s refineries.

The statement emphasised that “the assurances of availability of stock by the NNPC Chief Operation Officer of the Refineries still stand.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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