NNPC Assures Nigerians of 30-Day Petrol Supply Amid Apapa Depot Challenges

Nigerians have been experiencing long queues at petrol stations in Lagos and some other parts of the country in recent days.

However, the Nigerian National Petroleum Company (NNPC) Limited has assured the public that there is no cause for alarm, as the country has enough petrol stock to last for 30 days.

According to a statement issued by NNPC Retail, the subsidiary of the national oil company responsible for fuel distribution, the petrol scarcity was caused by reduced depot loadout in Apapa, Lagos, where most of the fuel imports are received and stored.

The statement said that the problem has been resolved and normal distribution will resume soon.

“We assure all Nigerians that there is ample supply with sufficiency of at least 30 days,” the statement reads.

NNPC, therefore, advised motorists to avoid panic buying and hoarding, as this could create artificial scarcity and worsen the situation.

The NNPC is currently the sole importer of petrol into the country, as licensed private oil companies have been unable to access foreign exchange (FX) for importation.

Mele Kyari, the group chief executive officer (GCEO) of NNPC, said that this gives the company an advantage to manage the market situation without creating any subsidy environment.

“None of them (fuel companies) can do it today. That means we can manage the market situation without creating any subsidy environment. But for them, access to foreign exchange is difficult. We have access to FX; we create FX, therefore, we have access to FX and their access to FX is limited,” he said.

Kyari also warned that the rising price of diesel, which is deregulated and determined by market forces, could have a negative impact on petrol, which is still regulated and subsidized by the government.

He said that this could create a price disparity that could encourage smuggling and diversion of petrol to neighbouring countries.

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