Nigerians adviced to avoid “Panic Buying”, as Govt pays N413b fuel subsidy claims, more fuel expected to arrive the country soon

The Nigerian National Petroleum Corporation (NNPC) yesterday disclosed that the federal government had approved the immediate payment of N413 billion to oil marketers as outstanding fuel subsidy claims owed them.

This was contained in a statement issued in Abuja yesterday by the Corporation’s spokesman, Ohi Alegbe.
The Corporation noted that the initiative to ensure zero fuel queues has been bolstered with government’s approval for the immediate payment of N413 billion to oil marketers as outstanding payment for subsidy claims.
The NNPC added that it had stepped up measures to eliminate the noticeable fuel queues in some petrol stations across some major cities in the country with the injection of additional volumes of fuel to increase product availability in the affected areas.
The statement noted that in line with its drive to ensure zero fuel queues ahead of the forthcoming yuletide and beyond, the Corporation was working assiduously with its downstream subsidiary company, the Pipeline Products Marketing Company (PPMC), and other downstream players to consolidate the prevailing stability in the supply and distribution of petrol nationwide.
The Corporation further expressed the confidence that, with the “outstanding payment due to oil marketers now assured, the marketers and other downstream players will join hands with the NNPC to guarantee that the nation remains wet with petroleum products all year round.
Meanwhile, the Department of Petroleum Resources (DPR) has said that a consignment of about 800 million litres of petrol was expected to arrive in the country before end of the week.
The agency also said that there was no need for the public to embark on panic buying as the current stock was about 365 million litres at various depots nationwide.
“Consequent upon sharp practices of marketers resulting in panic buying and queues at filling stations, the DPR has set up a 24-hour surveillance monitoring team for petrol stations nationwide to ensure unhindered sale of petroleum products at government regulated prices. This is in response to reported cases of panic buying in some petrol stations across the country,” it said in a statement released in Lagos.
“The DPR wishes to state that the current stock level of Premium Motor Spirit (PMS) in depots nationwide is about 365 million litres and we are also expecting over 800 million seaborne litres to be discharged before the end of the week. This translates to a stock level for 30 days’ supply,” the agency said.
It further revealed that in order to ensure the steady supply of products, the DPR has fast-tracked the grant of product import permits and vessel clearing process to aid rapid stock build-up for importers.
It appealed to all Depots and Petroleum Product Retail Outlets nationwide to ensure that products are sold at the government regulated price, even as it warned that the DPR would not hesitate to enforce necessary sanctions against any erring marketer.
“The general public is hereby advised not to engage in panic buying as there is adequate supply of petroleum products nationwide,” the DPR advised.
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