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FG confirms 34days fuel storage against scarcity rumor

Despite persistent motorists’ queues across filling stations in Lagos, Abuja Kano and other states due to fear that cities could witness petroleum scarcity as a result of abnormal prices fuel are been sold from pumps, the Federal Government has confirmed that there is enough product in storage of Nigeria National Petroleum Corporation Limited (NNPCL) that would last the country 34 days and also take care of festive period, before need for restocking new product.

Through its regulatory agency, Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA),  the apex government assured that there would not be increment of price of Premium Motor Spirit (PMS) as been speculated that there is possibility that fuel might cost more during yuletide period, just as it cautioned motorists from unnecessary panic buying of petroleum and not to also allow touts take advantage of the situation.

The General Manager, Corporate Communications, NMDPRA, Kimchi Apollo, indicated that NNPCL has sufficient fuel that would last period of 34 days till another set of products would be supplied, contrary to rumors that there could be scarcity of PMS during yuletide season due to marketers refusal to supply petroleum into the country.

Through an advisory released on Wednesday to address issues of speculations on the increase in price and availability of PMS, the regulatory authority warned marketers against diversion and hoarding of product that were meant to serve Nigerians

“Consequently, marketers and the general public are advised to avoid panic buying, diversion of products and hoarding.

“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season,” he said.

Meanwhile, for couple of weeks, motorists in Abuja and suburbs had continue lamenting over sudden scarcity of fuel and pump price increment, from N178 and N180 per litre, to N200 and N250 a litre.

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