1.7bn litres of fuel available; why Nigerians still buy in panic

The Nigerian National Petroleum Company Limited (NNPC) has stated there are over 1.7 billion litres of petrol in stock.

The statement came as millions of Nigerians began panic buying going by the rumour of scarcity.

In the statement signed by the NNPC spokesman Garba Deen Muhammad, the national oil company said there is no reason to entertain any fear of scarcity of petrol throughout the festive season and beyond.

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

“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 statement also dismissed the rumour of government plans by increase the pump price of petroleum.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week, it added.

“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.”