The Nigerian National Petroleum Corporation, NNPC Ltd.has said that it has sufficient volume of petrol to meet domestic needs.
The Corporation further reiterated its commitment to ensuring energy security for the country in line with the existing laws of the land.
It therefore, advised the public not to engage in panic buying of petrol; and to ignore all rumours that may suggest otherwise.
Anxiety enveloped the oil industry after government announced the extension for implementation of the Petroleum Industry Act, PIA.
This government said will give all stakeholders time to ensure that the implementation is carried out in a manner that ensures all necessary modalities are in place to cushion the effect of the PMS subsidy removal, in line with prevailing economic realities.
The Minister of State for Petroleum Resources, Timipre Sylva, explained, “We don’t intend to remove subsidies now. That is why I am making this announcement. We also see the legal implication. There is a six-month provision in the PIA that will expire in February and that is why we are coming out to say that before the expiration of this time, as I said earlier, we will engage the legislature.
“We believe that this will go to the legislature, we are applying for amendment of the law so that we would still be within the law.
“We are proposing an 18-months extension but what the National Assembly is going to approve is up to them. We would approve an 18-months extension and then it is up to the National Assembly to look at it and pass the amendment as they see it.”
About a possible gradual increase in fuel prices in the coming months, he said “that is not on the table as well. Gradual or increment in whatever guise is not on the table.