The Nigerian National Petroleum Company (NNPC) Limited has issued a statement cautioning against panic buying of Premium Motor Spirit (PMS), commonly known as petrol.

Following nationwide monitoring of filling stations, including those in Lagos and the Federal Capital Territory (FCT), NNPC reports a notable reduction in queues, indicating an improvement in the supply and distribution of PMS. The company expects this trend to continue, alleviating concerns in other states as well.

NNPC emphasizes that it currently maintains a substantial stockpile of over 1.5 billion litres of PMS, ensuring more than 30 days of sufficiency nationwide. This robust inventory is aimed at stabilizing the market and meeting the demands of motorists across the country.

Furthermore, NNPC is actively collaborating with relevant downstream agencies, including the Nigerian Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labor unions in the sector, and security operatives, to combat hoarding and other illicit practices that could disrupt the fuel supply chain.

Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, reiterated the company’s commitment to ensuring the availability and accessibility of petroleum products to all Nigerians. He emphasized the importance of cooperation among stakeholders in maintaining a transparent and efficient fuel distribution system.