‘We Are Expecting More’ – NNPC Speaks On Increase In Fuel Price, Scarcity

The Nigerian National Petroleum Company Limited (NNPC) has warned Nigerians against panic buying petrol.

In the statement signed by the NNPC spokesman Garba Deen Muhammad, the national oil company said there are over 1.7 billion litres of petrol in stock.

While stating that it is unnecessary to entertain any fear of scarcity of petrol throughout the festive season, the NNPC disclosed that the country has a huge reserve of petrol and is still expecting more in the coming days and weeks.

“The general public is hereby advised not to engage in panic buying of Premium Motor Spirit, more commonly known as petrol,” company said.

“The NNPC has over 1.7 billion litres of petrol in stock and more product is expected to arrive into the country daily over the coming weeks and months”, the national oil company said in a statement on Monday“.

The NNPC also dismissed plans by the Muhammadu Buhari-led federal government to increase the price of petrol.

Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had last week urged motorist not to engage in panic buying.

“In view of these assurances therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country,” it said.

“The NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond.”