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NNPC dispels fear of fuel scarcity, stocks 927,461,000 litres

By Roseline Okere
14 October 2015   |   1:32 am
To dispel fear of impending fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) has put the quantity of petrol stock in its depots across the country at 927,461,000 litres, assuring that the amount is enough to serve the country for the next 23 days.
NNPC-Tower

NNPC-Tower

• Subsidy drops to N15.78 per litre
To dispel fear of impending fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) has put the quantity of petrol stock in its depots across the country at 927,461,000 litres, assuring that the amount is enough to serve the country for the next 23 days.

Besides, government subsidy on a litre of fuel has dropped from N51.61 it recorded as at June this year to N15.78, according to the latest price template of the Petroleum Products Pricing Regulatory Agency (PPPRA).

The NNPC, in a statement yesterday, called on members of the public to avoid panic buying of petroleum products, especially Premium Motor Spirit (PMS).

The corporation gave this assurance against the backdrop of emerging queues noticed at some filling stations in the Federal Capital Territory, Abuja, Oyo and Lagos states arising from rumours of impending scarcity.

The Guardian had noticed queues in some filling stations in Lagos between Monday and Tuesday, with customers struggling to purchase petrol. The queues which were first noticed in a few fuel stations in Lagos on Monday evening, escalated yesterday as more stations were observed not to be selling fuel, especially along Oshodi-Apapa Expressway, Okota, Victoria Island and Ikeja areas of the metropolis. Many fuel stations in Ibadan claimed they were expecting their tankers, which had gone outside the ancient city to load the product.

But NNPC explained that besides the recent meeting of the management of the corporation with members of the Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Products Marketers Association (DAPPMA) to rally them for the uninterrupted fuel supply policy of the administration, it has set up a monitoring team at the PPMC to check sharp practices that could breach the distribution and supply system.

It warned marketers not to engage in products hoarding and diversion as the PPMC monitoring team is empowered to sanction anyone found defaulting in those regards.

NNPC also reiterated its call on members of the public to discountenance the rumour of reduction of the pump price of petrol to N57 per litre, saying the price of the product remains N87 per litre.

Meanwhile, the country’s price template for subsidy per litre of fuel released yesterday by the PPPRA showed that at Brent crude oil price of $50.56 per litre, subsidy on a litre of fuel is now N15.78 kobo.

At an estimated daily consumption of 40 million litres, the daily subsidy on petrol is now N631.2 million down from the N1.78 billion and N1.9 billion it earlier recorded in June and August respectively.

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