LAGOS, Nigeria (VOICE OF NAIJA)–The Nigerian National Petroleum Company (NNPC) Limited has once again cautioned against panic buying of Premium Motor Spirit (PMS), commonly known as petrol in the country.
The petroleum company says that there has been a remarkable improvement in the distribution of the product.
This is coming after over a week of long queues at fuel stations and sales of the commodity going for as much as N1000 in some stations.
According to a press statement by the spokesperson of NNPCL, Olufemi Soneye the nationwide supply and distribution of PMS have significantly improved, leading to a reduction in queues at filling stations across several states, including Lagos and the Federal Capital Territory (FCT).
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“NNPC Limited has assured the public that there is currently no need for panic buying as there is an abundant stock of PMS. The company has over 1.5 billion litres of PMS in stock, which is equivalent to over 30 days of sufficiency. This surplus in supply is expected to further improve the fuel situation in the coming days.
“In addition to ensuring an adequate supply of PMS, NNPC Limited is collaborating with relevant downstream agencies and stakeholders to address hoarding and other unwholesome practices. The company is working closely with the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labor unions in the sector, and security operatives to curb any form of sabotage or black market activities.
“Motorists and the general public are urged to remain calm and avoid panic buying. NNPC Limited assures that efforts are being made to sustain the current level of stability in the supply and distribution of PMS nationwide,” it stated.