TheCable

The Nigerian National Petroleum Company (NNPC) Limited says it has over 1.5 billion litres stock of premium motor spirit (PMS), also known as petrol.

In a statement on Tuesday by Femi Soneye, NNPC’s spokesperson, the national oil company said the petrol stock equates to over 30 days supply.

“As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product,” Soneye said.

“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 stock of PMS, which is equivalent to over 30 days sufficiency.” 

Queues resurfaced in filling stations amid petrol scarcity, leading to an increase in transport costs.

On April 25, the national oil company attributed the situation to logistics issues, assuring Nigerians that “they have been resolved”.

Also, on April 30, NNPC said the ongoing shortfall in the supply of petroleum products will end by May 1.

Festus Osifo, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), on May 6, said contractual issues between mother and daughter vessels caused the current petrol scarcity.