09 December 2018, Sweetcrude, Lagos — The Nigerian National Petroleum Corporation, NNPC, has said no need to panic as the festive season approaches, assuring Nigerians that it has a total of 2.6 billion litres of Premium Motor Spirit, PMS popularly known as petrol in store across the country.
The clarification came following a striking threat by oil marketers to the federal government over unpaid N800 billion subsidy arrears, which according to them, may lead to fuel scarcity if the debt is left unpaid.
Chief Financing Officer, NNPC, Mr. Isiaka Abdulrazaq at a gathering in Lagos over the weekend, said there was no need for panic as the Corporation has 52 days of sufficient supplies.
“We have 2.6 billion litres of PMS in Nigeria both offshore Lagos, Port Harcourt, and Calabar as well as onshore so, no need to panic,” he said.
“This is 52 days of more than enough supply at a calculation of 15 million litres per day,” he added.
Oil marketers under the aegis of the Deport and Petroleum Products Marketers Association of Nigeria DAPPMAN, Major Oil Marketers Association of Nigeria, MOMAN, and the Independent Petroleum Products Importers IPPIs had on Sunday last week, issued a seven-day ultimatum to the federal government to pay the subsidy debt in cash else, face withdrawal of its members from depots across the country.
However, Mr. Abdulrazaq assured that NNPC “has everything under control. There will be no strike”, he said.
It would be recalled that the N800b oil subsidy arrears were an inherited debt by the Buhari administration from the past administration.