Published: Wed, December 06, 2017
Hi-Tech | By Grace Becker

NNPC Attributes Fuel Queue To Panic Buying, Dismisses Fuel Price Hike

NNPC Attributes Fuel Queue To Panic Buying, Dismisses Fuel Price Hike

The Federal Executive Council on Wednesday said it does not have plans to increase prices of petroleum products as speculated in some sections of the media.

This according to him is because the Corporation has enough stock of fuel to ensure seamless supply and distribution of products across the country.

Meanwhile, five out of eight ships waiting to berth in Lagos ports contain petrol, the Nigerian Ports Authority (NPA) said on Tuesday.

Speaking on the development shortly before his departure back to the country, Baru called on Nigerians to stop panic buying as the Corporation was doing everything within its reach to address the situation.

The committee also said it has concluded arrangements to begin nationwide inspection of filling stations following fears of possible fuel scarcity.

The IPMAN Chairman in the state, Alhaji Bashir Dan-Malam, gave the assurance in Kano on Tuesday and said the Managing Director of the Petroleum Products Marketing Company (PPMC), Alhaji Umar Ajiya, gave the directive to release the product. Some of the filling stations belonging to members of IPMAN have increased the price of a litre of petrol from N145 to N150.

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NNPC spokesperson, Mr Ndu Ughamadu, in a statement, urged Nigerians to stop panic buying, reiterating that there was enough fuel in the nation's depots.

It further enjoined motorists not to engage in panic buying or indulge in the risky practice of stocking petroleum products in jerry cans at home. We will break into sub-committees to be able to cover the entire country.

Motorists and commuters in the capital city woke up on Tuesday to a stunning and unexpected scarcity of Petroleum Motor Spirit (PMS) ushering in a new dimension in the misery already being experienced by the people as a result of a depressed economy.

"The recommended ex-depot price is supposed to be N133.30 per litre, but they are selling at N138 to N143 per litre. We will also inspect tanks in filling stations to ensure that Nigerians are not taken advantage of", Marafa added.

"There is only one vessel at the terminal ready to discharge, all marketers, major, independent and private depot owners, now depend on NNPC for products", he said.

Mr. Mohammed said part of the reason for the scarcity is because it was only the NNPC that has been importing petrol.

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