Regulatory Authority Urges Nigerians To Avoid Panic-Buying PMS

The Nigerian Midstream and Downstream Petroleum Regulatory Authority has appealed to Nigerians not to engage in panic-buying of premium motor spirit, popularly known as petrol, saying it has enough in stock.

The Chief Executive Officer, NMDPRA, Farouk Ahmed, confirmed this to the News Agency of Nigeria in Lagos on Tuesday.

Ahmed said he had checked with the Major Oil Marketers Association of Nigeria and Nigeria National Petroleum Company Ltd. on the level of fuel stock and confirmed that they had sufficient stock.

“I spoke with the MOMAN’S Executive Secretary this morning and he told me they have sufficient stock.

“I have directed them to start evacuating the product immediately to filling stations.

“(The) NNPC has also confirmed sufficiency and they have commenced evacuation.

“From now till tomorrow the situation will be back to normal.

“I don’t know what is happening but we are on top of the situation,” he said.

Ahmed assured that there was enough fuel and, therefore, appealed to members of the public to avoid panic-buying as all efforts were being made to resolve shortage in some filling stations in Lagos and its environs.

The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, attributed the scarcity to unsteady supply in the past few days.

Osatuyi told NAN that as a result of the unsteady supply, depots prices had risen from N165 to N177 and N178 per litre in Apapa and its environs.

“The marketers will only sell what they buy. If the price of petrol increases, we add our transportation cost and other charges to the selling price,” he said.

He appealed to the NNPC and the NMDPRA to supply enough petrol across the country to ease scarcity.

Queues are beginning to build in some filling stations in within Lagos.