No Fuel Scarcity Over Coronavirus- PPPRA

The Petroleum Products Pricing Regulatory Agency (PPPRA) has assured that there would not be a scarcity of petroleum products due to Coronavirus fears in Nigeria.

According to the executive secretary (ES) Abdulkadir Saidu, Nigeria has an adequate supply of the products, and that the average sufficiency days for Premium Motor Spirit(PMS) in January was 41.34 days; Automotive Gasoline Oil, AGO, 45.04 days and Household Kerosene, HHK, 9.36 days.

Saidu, however, said though the virus caused a slow in demand for petroleum products, Nigerians should be assured of sufficient product supply to meet their needs.

To further emphasise the availability of products, PPPRA said between 21st to 27th February 2020 the average Sufficiency stood at 42.28 days for PMS, AGO was 44.73 days while HHK was  20.36 days and ATK 36.22 days.

The total volume of PMS and AGO discharged during the week stood at 551.01 million litres and 84.84 million litres respectively.

The PPPRA January 2020 report on Oil and Gas sector operations showed that the national supply of PMS was 1,828.62 billion litres, while Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK) were 423.27 million litres and 96.70 million litres respectively.

On development in the global market, he said, “crude oil prices in January averaged $63.51, $64.06 and $58.29 per barrel for Brent, Bonny and WTI respectively, as against the December average prices of $67.02, $65.94 and $60.67 per barrel. Available data for week 4 of February 2020 indicated declines in the prices of Brent, Bonny and WTI, which averaged $57.17, $57.14 and $52.86 per barrel respectively.”