By Obas Eseiedesa
The Petroleum Products Pricing Regulatory Agency (PPPRA) says the country has sufficient premium motor spirit (petrol) in stock to last for the next 21 days.
The agency in a statement on Sunday by its Executive Secretary, Abdulkadir Saidu said petrol supply is now 56 million litres daily.
Saidu therefore urged consumers against panic buying as there was no fear of impending scarcity.
He said the “agency has observed the sudden re-appearance of queues at some filling stations over speculation of short fall 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 56million litres respectively. These indicate an improved level of supply in 2019.
“Based on the available data,there is 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”.
PPPRA urged Nigerians to disregard the panic buying as “there is adequate product supply in the system to meet the demands of consumers”.