NNPC Cautions Against Panic Buying

The Nigerian National Petroleum Corporation on Tuesday cautioned Nigerians against engaging in panic buying.

It said this in a statement issued by Garba Deen Muhammad, Group General Manager,Group Public Affairs Division of the NNPC.

Black marketers, had on Monday and Tuesday, positioned themselves in strategic locations in parts of the Federal Capital Territory, hawking Premium Motor Spirit, popularly called petrol, in jerrycans to interested motorists and other consumers.

The black marketers took advantage of the scarcity of the product which had resurfaced due to the refusal of some filling station to dispense petrol.

Retailers had claimed that the ex-depot price of the commodity had been increased by private tank farm owners from the recommended N148 and N149.5/litre to between N153 and N155/litre.

This, according to them, has made many retailers to suspend the sale of the product coupled with their inability to get the required quantity, a development that led to the emergence of the black marketers.

Reacting to the long fuel queues, the NNPC said that it has sufficient stock of the product to last the festive period and beyond.

The statement reads in part, “The NNPC Ltd hereby urges the general public not to engage in panic buying of petroleum products, as the Company has sufficient stock of the products that will last the festive period and beyond.

“The NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country.”

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