A Review of the Nigerian Energy Industry

NNPC cautions against panic buying, hoarding of fuel

*PPMC assures of adequate fuel supply 

14 December 2011, Sweetcrude, Abuja – The Management of the Nigerian National Petroleum Corporation, NNPC on Wednesday cautioned against the growing incidence of panic buying and indiscriminate hoarding of petroleum products by some Nigerians in anticipation of the planned removal of subsidy on premium motor spirit (pms) by the Federal Government.

In a Press Statement released yesterday, the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Levi Ajuonuma blamed the emerging fuel queues noticeable in the Federal Capital Territory and some cities in the country on the unfortunate rush by some marketers and consumers to mop-up enough products in anticipation of the envisaged take-off of the deregulation exercise which they believe will commence following Tuesday’s budget presentation by Mr. President.

“From the stand point of supply and distribution of petroleum products, we are positive that there is no need for anybody to indulge in any form of hoarding and amassing of petroleum products because nothing has changed about our adequate stock levels. Even from the Health, Safety and Environment point of view, it is extremely dangerous to store products at home especially in this period of dry wind and harmattan,’’ Ajuonuma noted.

The NNPC spokesman also quoted, Prince Haruna Momoh, Managing Director of the Pipelines and Products Marketing Company, PPMC, a subsidiary of the Corporation, as saying that the PPMC has stepped up supply level especially in the Northern part of the country to counter any envisaged gap induced by the panic buying while working closing with the Department of Petroleum Resources, DPR to ensure compliance and zero manipulation of the situation at the pumps.

“We have since conducted field checks across the country and the result indicates that we have over 42 days sufficiency for PMS. Currently Warri and Port Harcourt Refineries are doing well and in the days ahead repair work on the damaged Kaduna Refinery crude supply pipeline at Egwa village in Delta State will be complete and Kaduna Refinery is expected to re-stream for operation,’’ Prince Momoh informed.

The PPMC helmsman reiterated that the Company is determined to ensure that Nigerians do not go through any form of hardship in accessing petroleum products throughout the yuletide season and beyond.

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