Stop panic buying of fuel NNPC urges Nigerians

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, rushed back to Nigeria from the United Kingdom  to attend to shortage of fuel supply and distribution challenges witnessed in some parts of the country following panic buying. Several filling stations in Lagos have stopped selling fuel in anticipation of fuel price increase. Dr. Baru, who was billed to receive the Forbes Oil & Gas Man of the Year Award 2017 in the British Capital on Tuesday, flew back home to attend to what he described as a “matter of urgent national importance.

Baru called on Nigerians to stop panic buying as the Corporation was doing everything within its reach to address the situation, shortly after cancellation of the previously scheduled event arranged by FIN in conjunction with Forbes business solutions a commercial arm of the magazine.
“For the umpteenth time, I wish to call on all Nigerians to stop panic buying. We have said times without number that NNPC has sufficient products to cater for the needs of all consumers,” Baru stated.

Before leaving for London, the GMD had directed that more truckload of petroleum products be dispatched to various parts of the country to cushion the effects of excessive demand caused by panic buying. Earlier yesterday, NNPC informed Nigerians that there was no plan whatsoever to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming yuletide.

The NNPC in a release said that the ex-depot petrol price of N133.38 per litre and the pump price of N143/N145 per litre have not changed noting that the Corporation has enough stock of fuel to ensure seamless supply and distribution of products across the country. While assuring that the Corporation has the full commitment of all downstream stakeholders including petroleum marketers and industry unions to cooperate in achieving zero fuel scarcity this season and beyond, the NNPC enjoined motorists and other users of petroleum products to disregard trending rumours of an impending fuel price hike as reported in some news platforms.

The Corporation also noted that its downstream subsidiary companies namely the Petroleum Products Marketing Company (PPMC) and NNPC Retail Limited are fully geared up to ensure that motorists enjoy uninterrupted access to petrol throughout the nation during the yuletide period and beyond.