Nigerian National Petroleum Corporation Limited, (NNPC) Limited says it has 1.9 billion liters of gasoline in stock as it assured Nigerians of a steady supply to quell persistent shortages across the country.
NNPC said this at a meeting with the Department of State Services (DSS) and other stakeholders in the midstream and downstream oil sector on Thursday, according to a statement from Peter Afunanya, a spokesman for the secret service.
The DSS, during the meeting, issued a 48 hour ultimatum to the national oil company and to the distributors to resolve the current gasoline distribution crisis.
In response to the ultimatum, Mele Kyari, NNPC Group Chief Executive Officer (GCEO), reaffirmed that the company “has PMS stocks in the country of more than 1.9 billion liters, which is enough for 30 days.”
Kyari, who was represented by Umar Ajiya, CFO of NNPC, assured Nigerians of the availability of premium motor gasoline (PMS), also known as gasoline.
NNPC also pledged that it will “continue to sell the PMS product, at the off-shore price agreed with the regulator to all traders, especially IPMAN members, with a view to also providing specifically earmarked deposits for its purchase to reduce speculation.” . that they have been experiencing in some deposits”.
“NNPC has also made procurements to supply a similar volume between now and the end of March 2023,” he said.
“We have also directed the operations team to engage in 24/7 PMS charging in the coming days and make sure some outlets will operate 24/7 without compromising security to provide quick relief to people.”
Meanwhile, meeting participants include: Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian Petroleum Marketers Association (MOMAN), Nigerian Deposit and Petroleum Products Marketers Association (DPPMAN) , the Independent Oil Marketers of Nigeria (IPMAN). ), National Union of Oil and Natural Gas Workers (NUPENG), National Association of Road Transport Owners (NARTO).
The associations, after the meeting, agreed to work together to clear the persistent gasoline queues at gas stations nationwide, in the next 48 hours.
Speaking earlier, NMDPRA Chief Executive Officer (CEO) Farouk Ahmed pledged to engage with the NNPC and all stakeholders to ensure that issues related to the supply of petroleum products are properly addressed.
For his part, Femi Adewole, executive secretary of DAPPMAN, said the currency challenge faced by deposit holders was also discussed and efforts were underway to address it.
“The challenges to sellers, especially warehouse owners, were explained and the meeting agreed and indeed noted that the challenge of the foreign exchange component and its entry into our cost should, in all ideal cases, recover. reasonably. That was agreed”, Adewole.
“We also agree that based on the product guarantees given to marketers, provided by NNPC, we will ensure that in the future, all deposits will work around the clock based on assessed security risks.
“We will work 24 hours to reduce the queues in the town. Our outlets, spread across the country, will also make sure to sell 24 hours a day based on our assessed security situation. I want to reassure Nigerians that in future they will be able to get fuel at gas stations without too much trouble or harassment.”
In recent weeks, the country has been battling gasoline shortages, spreading to various parts of the country.
While the Independent Nigerian Petroleum Marketers Association (IPMAN) said the shortage was caused by a shortage of gasoline at NNPC depots, the state-owned oil company said ongoing road projects in Lagos affected distribution.