Nigerian National Petroleum Corporation (NNPC)

Despite threats by petroleum depot owners to shutdown operations if their unpaid N800 billion subsidy claims were not cleared, the Nigerian National Petroleum Corporation (NNPC) says it has sufficient petroleum products in its facilities and urged consumers across the country not to engage in panic buying.

The Corporation said it currently has 2.6 billion litres of Premium Motor Spirit, otherwise called petrol, and 90,000 metric tonnes of Dual Purpose Kerosene (Kerosene), that could last for 52 days, assuming no single drop of products is imported from now.

NNPC Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, said the purported shut down of operations by Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) would not affect products distribution as NNPC has ordered all its depots across the country and those of bulk purchase marketers it recently entered agreements with to undertake a 24-hour operations to avert any shortages in products distribution in the country.

Ughamadu stated: “All NNPC depots, Petroleum Products Marketing Company (PPMC) throughput partner depots, the Major Marketers depots and depots of (DAPMA) members who signed the Bulk Purchase Agreement, BPA, with PPMC as well as NNPC Retail stations will continue to operate at maximum levels to ensure uninterrupted distribution of petroleum products nationwide.

Major Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) filling stations, will continue to operate at maximum levels to ensure uninterrupted distribution of petroleum products nationwide.

The statement said despite the threats by DAPPMAN government was committed to going ahead with settling the N236bn first tranche of the verified subsidy claims of the Oil Marketers in line with the approval of Federal Executive Council (FEC) and National Assembly (NASS) by Friday, 14 December, 2018 as noted by the corporation’s Chief Operating Officer, Downstream, Engr. Henry Nkem Obih in a statement recently.

The NNPC spokesperson advised members of the public to report to offices of the Departments of Petroleum Resources (DPR) across the states any fuel stations which attempts to take advantage of the situation to inflate products price, saying that the price of PMS remains N145 per litre.

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