Petrol queue buster: NNPC releases additional 381.88m litres, cautions against panic-buying

In continuation of its intervention and petrol queue buster, the Nigerian National Petroleum Company Ltd (NNPC Ltd) says it is releasing additional 381.88 million litres of Premium Motor Spirit (petrol) into circulation.

The release of the 381.88 million litres of petrol by the NNPC represents an average daily distribution of 63.65 million litres and this is in addition to the 387.5 million litres of petrol released during the week spanning February 14th to February 20th, according to figures released by the NNPC through its verified twitter account.

The product, according to the PMS Evacuation Report of the NNPC, was lifted from the depot and distributed to Nigerians through retail filling stations within a one-week period covering February 21st and 26th.

Persecondnews.com reports that the NNPC weekly national evacuation report showed that 80 per cent of all the distribution took place at the top 20 high loading depots while the remaining 20 per cent of the evacuation took place at the other loading depots.

It stated that the top 20 high loading depots that were used to evacuate the PMS are Pinnacle-Lekki which evacuated the highest volume of 40.25 million litres, AA Rano (22.43 million litres), AYM Shafa (19.23 million litres), Prudent (17.78 million litres), 11 PLC (17.78 million litres), Rainoil Lagos (15.93 million litres), and Avidor (15.63 million litres).

Others are Fynefield with 12.39 million litres, Bull Strategic (12.2 million litres), Matrix (11.99 million litres), Koenamex (11.99 million litres), and Pinnacle (11.76 million litres),  NIPCO (10.78 million litres), and Swift (10.01 million litres).

Also listed are Total Apapa (9.5 million litres), TSL (9.19 million litres), Sobaz Nig Ltd (8.94 million litres), Mainland (8.88 million litres) and Ardova (8.83 million litres).

Persecondnews recalls that NNPC had on Wednesday, March 2 reiterated that it had sufficient stock of petroleum products for distribution across the country.

It also said it had over 1.7 billion litres of PMS both on marine and on the land and denied plans to adjust the current price of PMS in the market.

NNPC Group Managing Director, Malam Mele Kyari had given the assurances in Abuja while addressing Editors at a joint press briefing with Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG).

He blamed the current fuel queues at the filling station on panic buying, advising motorists and other users of the products to buy what they need per day.

He said: “The NNPC is working assiduously with partners to ensure the product reaches every part of the country.

“NNPC is further intensifying efforts to resolve distribution hitches being experienced in some parts of the country due to logistics issues, we have engaged depot operators to load product round the clock to accelerate the restoration of normal distribution.

“We have capacity now to load from all depots, we are currently running 24 hours loading from all our depots and we believe this will close the gap created by panic buying. We hope this will bring normalcy to the system soon.”

To check diversion of the commodity to unauthorized destinations, Kyari said the services of security agencies were being engaged to ensure that all products loaded at the depot get to the right destination and warned that any operator caught selling the commodity above the stipulated pump price will be sanctioned.

Apologizing to Nigerians over the fuel situation, Kyari said: “As the supplier of last resort, NNPC has continued to sustain adequate petroleum products supply and distribution to the nation despite challenges associated with the unending waves of pipeline vandalism, product theft and cross-border smuggling of PMS.

“In line with the existing laws of the land, NNPC Ltd is deeply committed to ensuring energy security for the country,” the GMD said.

“We sincerely apologize to our people and urge Nigerians to continue to be patient as we strive to return the situation to normalcy.’’