NNPCL Warns Against Panic Buying, Says No Plan To Hike Fuel Price

The Nigerian National Petroleum Company Limited (NNPCL) said it has no plan to increase the price of Premium Motor Spirit, known as petrol.

This is as it warned Nigerians against panic buying of petrol.

This is contained in a statement by the NNPCL Chief Corporate Communications Officer, Olufemi Soneye, on Thursday.

The statement read, “NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.

“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.”

It was gathered that oil marketers expressed fears that there might be a scarcity of petrol if the NNPCL fails to make the product available to depot owners and other dealers.

They said the long queues being experienced in filling stations and some parts of Ogun State might eventually spread to other parts of the nation should the NNPCL fail to sell enough petrol to distributors.

Long queues have since Monday resurfaced in different filling stations in Lagos State, causing traffic gridlock in Ikeja and other areas, as residents feared there might be a fresh scarcity of petrol.

But speaking to Punch on the development on Tuesday morning, Soneye allayed the fears of the marketers and dismissed insinuations of fresh fuel scarcity.

Soneye disclosed that NNPCL did not have supply issues, adding that its products remained readily available.

He added that the distribution issue in some areas had been resolved.

“We are pleased to confirm that there are no supply issues and our products remain readily available.

“The recent tightness experienced in certain areas was due to a brief distribution issue in Lagos, which has since been resolved,” Soneye told our correspondent.