Fuel Queues: 1.5bn Litres, 30-day Supply Available — NNPCL

The Nigerian National Petroleum Company Limited (NNPCL) has said that it currently has over 1.5 billion litres of petroleum products available, which can last for at least 30 days, blaming the persistent scarcity on speculators.

Chief corporate communications officer of NNPCL, Olufemi Soneye, in a text message response to LEADERSHIP’s enquiry, said some persons were taking advantage of the current situation to maximise profits, adding that, “Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain.”

“We currently have an availability of products exceeding 1.5 billion litres, which can last for at least 30 days. Unfortunately, we experienced a three-day disruption in distribution due to logistical issues, which has since been resolved. However, as you know, overcoming such disruptions typically requires double the amount of time to return to normal operations.

“Some folks are taking advantage of this situation to maximise profits.
“Thankfully, product scarcity has been minimal lately, but these folks might be exploiting the situation for unwarranted gain. The lines will be cleared out between today and tomorrow,” Soneye assured.

LEADERSHIP reports that the spate of fuel scarcity started over a week ago and has been affecting various parts of the country, with the situation becoming increasingly severe as at Monday.

The scarcity has led to long queues at petrol stations, with some stations selling fuel at prices as high as N800 per litre. The scarcity has also led to an increase in black market prices, with fuel selling at prices of over N1,400 per litre in some areas. The situation has caused hardship for many Nigerians.