NNPC Cautions Against Panic Buying Second Time in 2024

…Says 30-day PMS sufficiency intact

The Nigerian National Petroleum Company (NNPC) Limited has called on motorists to shun panic buying of premium motor spirit (PMS), popularly known as petrol, for the second time in three weeks due to the ongoing nationwide fuel scarcity.

In a statement released on X (formerly Twitter) today and signed by Olufemi Soneye, Chief Corporate Communications Officer of the company, the NNPC said that nationwide supply and distribution of petrol has continued to improve.

The state-owned oil company cited that in filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, “a development that will keep improving daily in other States.”

“The Company wishes to state that at the moment, it has over 1.5 billion litres of stock of PMS, which is equivalent to over 30 days of sufficiency. 

“The NNPC Ltd. 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 statement read.

The NNPC first urged Nigerians to avoid panic buying on April 25, stating that available products are sufficient in the country.

According to the state-owned oil company, tightness in the supply of PMS currently being experienced in some areas across the country is as a result of logistics issues and they have been resolved.

“It also wishes to reiterate that the prices of petroleum products are not changing,” NNPC said in an earlier statement.