NNPCL Assures Stable PMS Supply With 1.4b Litres In Stock
The Group Managing Director of the Nigerian National Petroleum Corporation, NNPCL, Mele Kyari, says there is no challenge in the supply of Petroleum Motor Spirit to Nigerian, thereby confirming that a total of 1.4 billion litres of the product is available both in marine and on land facilities.
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Speaking on the emergence of queues across petrol filling stations, the GMD NNPCL said that present market forces have become determinants of petrol prices thereby prompting competition among the petrol fuel marketers.
Mr Kyari further stressed that the long queues across the filling stations are not unconnected to the road situation such as blockades on major roads where crossing of products from southern depots into the northern part of the country faces challenges.
The GMD NNPCL further affirmed that the full deregulation of the petroleum industry has enhanced the recovery of Nigeria’s full cost from the imports of PMS thereby augmenting prices.
Mr Kyari stressed that the delay caused by the blockades further caused a supply gap and also interrupted the supply sequence to the trucks thereby causing longer time to deliver the products across the nation
“We have seen in very few states pockets of very low queues. Not unconnected with the road situation that we’re seeing the number of blockades on our road crossing products from the southern depots into the northern part of the country and it takes them a much longer time than they do now.
“So you must have noticed some fuel stations will reduce prices by two Naira and three Naira so customers will naturally run to the places where you have that reduction in prices.
“But we are also happy that the market forces are now playing out and marketers are competing and of course, there are a few issues we’re engaging them to resolve alongside other agencies of government and critical issues around access to foreign exchange. And as you all know, the government is doing so much to ensure the supply of FX into the market.
“And that creates panic because those who don’t know why they are doing it will think that there’s something wrong happening, or there’s an ominous sign of scarcity or people start queuing up in the fuel stations.
“They have to reroute the trucks around many, many locations for their products to be able to reach and that created delays and some supply gaps. But that has been filled and we do not see any such problems again. And secondly, because of the full deregulation that we have in this sector, marketers are now competing amongst themselves”.
“Otherwise, there is no challenge. Supply is robust. We have over 1.4 billion litres of product in our hands both marine and land. Also, there are no issues around the delivery of those products into the land. So there is no fear, nothing to bother about.
“But we are also happy that the market forces are now playing out and marketers are competing and of course, there are a few issues we’re engaging them to resolve alongside other agencies of government and critical issues around access to foreign exchange. And as you all know, the government is doing so much to ensure the supply of FX into the market” the GMD NNPCL added.
