NNPC: We have enough fuel, no plan for price increase

The Nigerian National Petroleum Company Limited has said the fuel scarcity being witnessed in some parts of the country, especially in Kano, is artificial, stressing that there is over 1.7 billion litres of petrol in stock, which is sufficient for domestic use for the rest of the year.

It stated this in the statement on Monday signed by its spokesman, Garba Deen Muhammad, warning against panic buying.

The NNPC said it was unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond.

He said, “The general public is hereby advised not to engage in panic buying of Premium Motor Spirit, more commonly known as petrol.

“The NNPC has over 1.7 billion litres of petrol in stock and more product is expected to arrive into the country daily over the coming weeks and months.”

The statement said the NNPC was also not aware of any plan by the government to cause an increase in the pump price of petroleum.

It said, “In view of these assurances therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country.

“The NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond.”