TheCable

The Nigerian National Petroleum Company Limited (NNPC) says it has sufficient stock of premium motor spirit (PMS) to meet citizens’ needs.

NNPC gave the assurance in a statement issued by Garba Deen Muhammad, its spokesperson, on Wednesday.

Muhammad appealed to members of the public to refrain from “panic buying” of PMS, better known as petrol.

He further urged Nigerians to disregard rumours of any impending scarcity of the product in the country.

“The NNPC Ltd. wishes to assure the public that the Company has sufficient PMS stock to meet the needs of Nigerians,” the statement reads.

“The public is, therefore, advised not to engage in panic buying of petrol; and to ignore all rumours that may suggest otherwise.

“In line with the existing laws of the land, NNPC Ltd. is deeply committed to ensuring energy security for the country.”

Earlier on Wednesday, the federal executive council (FEC) said it received a bill of N3 trillion from the NNPC as payment for petrol subsidy in 2022.

This development comes a day after the federal government proposed an 18-month extension for the implementation of the Petroleum Industry Act (PIA) to cater for subsidy shortfall. 

In 2021, the NNPC, the sole importer of petrol into Nigeria, had deducted subsidy payments from oil revenue due to the three tiers of government.