The Nigerian National Petroleum Corporation, NNPC, has advised Nigerians against engaging in panic buying of the Premium Motor Spirit, more commonly known as petrol.
This is coming as many Nigerians are beginning to engage in panic buying of the product, following a seeming scarcity of the product in many cities across the country.
Dousing the tension, the NNPC, in a statement by its spokesperson, Garba Deen-Muhammad, said it has over 1.7 billion litres of petrol in stock.
According to him, more product is expected to arrive into the country daily over the coming weeks and months.
“It is therefore unnecessary to entertain any fear of scarcity of petrol throughout the festive season and beyond.
“The NNPC is also not aware of any plan by government to cause an increase in the pump price of petroleum.
“The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week.
“In view of these assurances therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country.
“The NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country during the festive season and beyond,” the statement added.