Adedapo Adesanya
By Adedapo Adesanya
The Nigerian National Petroleum Company (NNPC) Limited on Thursday claimed that there was 30-day sufficiency as queues emerged in some parts of the country, signalling a fresh fuel scarcity.
NNPC Limited disclosed this in a statement signed by the company’s retail subsidiary and posted on its official X handle today.
The company attributed the re-emergence of queues in Lagos and some parts of the Federal Capital Territory to reduced depot loadout in Apapa, Lagos, in the past few days.
Meanwhile, the state oil company explained that the issue had been addressed, noting that it has sufficient petrol for 30 days.
The company advised motorists to avoid panic buying as the distribution of the product would normalize in days.
“NNPC Retail Ltd. notes the appearance of fuel queues in some parts of Lagos and a few other locations around the country.
“This is due to reduced depot loadout in Apapa, Lagos, over a few days, and the root cause has since been addressed.
“We assure all Nigerians that there is ample supply with a sufficiency of at least 30 days. Motorists are advised to desist from panic buying as distribution will normalize over the next few days,” the statement said.
Business Post gathered that fuel queues surfaced in Lagos and reports show that such can be seen in other parts of the country causing panic among motorists and commuters.
Upon resumption of office in late May, President Bola Tinubu removed fuel subsidies on imported petrol and this allowed private players to come into the space with some fuel companies starting imports in July.
Earlier this month, NNPC Limited became the sole exporter again as licensed local private firms have been unable to obtain the much-needed foreign currency to import the product.
There are claims that the current price of petrol is not sustainable as the fuel subsidy removal protocol should have resulted in continued changes in petrol pump prices compared to a stable price being sold in the last three months.
Energy stakeholders have alleged that the government was still paying subsidies which is why fuel prices haven’t increased.
