NNPC Warns Against Panic Buying Of Petrol, Gives Reasons

The Nigerian National Petroleum Corporation, NNPC has adviced the public against panic buying of petrol saying that there are enough products in stock and that there is no plan by the government in the immediate future to increase the price of the commodity.

“The NNPC has over 1.7 billion litres of petrol in stock and more product is expected to arrive into the country daily over the coming weeks and months,” the corporation said in a press statement issued by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division of the NNPC.

“It is therefore unnecessary to entertain any fear of scarcity of petrol throghout the festive season and beyond.

“The NNPC is also not aware of any plan by goverment to cause an increase in the pump price of petroleum. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week.

“In view of these assurances therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country.

“The NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond,” the corporation said.

 GreenWhiteGreen GWG reports that panic buying of petrol is normally associated with expected increase in price or a shortage of the commodity, two factors that were, however, ruled out in the statement by the NNPC.

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