The Nigerian National Petroleum Company (NNPC) Limited has reassured the public that the country’s petrol reserves are sufficient to cover at least 30 days of consumption. In a statement released on Thursday, NNPC Retail, a subsidiary of the national oil company, explained that the recent fuel queues observed in parts of Lagos and other regions were primarily the result of reduced depot loadout in Apapa.
The NNPC stated that the underlying issue causing this delay has been promptly resolved. The statement reads, “NNPC Retail Ltd. has taken note of the fuel queues that have appeared in some areas of Lagos and a few other locations across the country. This situation arose due to a temporary reduction in Depot loadout in Apapa, Lagos, over a few days, and we can confirm that the root cause has been effectively addressed. We want to reassure all Nigerians that there is an ample supply of petrol, enough to last for a minimum of 30 days.”
Furthermore, the NNPC urged motorists not to engage in panic buying, as the distribution of petrol is expected to return to normal in the coming days. The NNPC has recently reclaimed its role as the sole importer of petrol in the country.
Mele Kyari, the company’s Group Chief Executive Officer (GCEO), explained that the situation had evolved because licensed private oil companies faced difficulties in accessing foreign exchange (FX) for petrol imports. He stated, “None of them (fuel companies) can do it today. That means we can manage the market situation without creating any subsidy environment. But for them, access to foreign exchange is difficult. We have access to FX; we create FX, therefore, we have access to FX, and their access to FX is limited.” Kyari also noted that the rising diesel prices would have implications for petrol as well.