Abuja — The Petroleum Products Pricing Regulatory Agency, PPPRA, Sunday, cautioned motorists against panic buying of Premium Motor Spirit, PMS, also known as petrol, stating that there is currently enough quantity of the commodity in the country.
In a statement in Abuja, Executive Secretary of the PPPRA, Alhaji Abdulkadir Saidu, disclosed that based on fuel supply data, there is currently in stock, 21 days of fuel sufficiency in the country.
He added that the agency would continually monitor the supply of the commodity to forestall a disruption in the system.
He said, “The Agency has observed the sudden re-appearance of queues at some filling stations over speculation of the shortfall in the supply of Premium Motor Spirit, PMS.
“PPPRA in line with its mandate to regulate petroleum products supply and distribution as well as establish an industry data bank has continued to monitor products supply in the sector in line with best practices.
“Thus, PMS average daily supply for the year 2017, 2018 and 2019 are about 46 million, 54 million and 56 million litres respectively. These indicate an improved level of supply in 2019.
“Based on the available data, there is an adequate supply of PMS with over 21 days sufficiency.
PPPRA, therefore, urges fuel consumers across the country to desist from panic buying as the Agency would continue to monitor the supply situation and take every step required to ensure that there is no disruption in the supply chain.
“The Agency wishes to assure Nigerians to disregard the panic buying as there is adequate product supply in the system to meet the demands of consumers.”