NNPC Declares 35 days Sufficiency With 1.2bn Litres Of Petrol

According to NNPC Limited, it has 1.2 billion liters of Premium Motor Spirit (petrol) on hand, which should provide a reliable supply for at least 35 days.

In a statement released over the weekend, Mr. Garba Deen Muhammad, Chief Corporate Communications Officer for NNPC Limited, said that the 2.1 billion liters included 0.9 billion liters at all national land depots and 1.2 billion liters aboard maritime vessels. According to him, the business “plans to conclude March 2023 with around 2.8 billion liters, which is equivalent to 47 days of sufficiency.

To facilitate the conduct of the Presidential and NASS elections and give Nigerians the opportunity to exercise their civic rights, there have been pockets of queueing in Abuja and other regions of the nation.

Trucks are currently being sent to various locations across the nation as the business has restarted at the depots. For the following few days, we anticipate things to return to normal.

To ensure the smooth distribution of petroleum products around the governorship and state assembly elections, NNPC Ltd. and all of its partners and stakeholders will keep cooperating.

However, checks by GISTNGR yesterday revealed that the situation in Lagos and its surroundings has significantly improved as a result of better supply in recent weeks and constrained movement of products and people due to the ongoing elections.

Elder Chinedu Okoronkwo, National President of the Independent Petroleum Association of Nigeria, IPMAN, stated in a telephone interview with GISTNGR yesterday that the availability of gasoline would continue to increase in the coming weeks.

The threat of being attacked by touts during the elections, he claimed, may have caused many tanker drivers to slow down their activities. Nationwide conditions would significantly improve after the elections.

In the same vein, Mr. Mike Osatuyi, the National Operations Controller of IPMAN, stated in a different interview that there is now enough supply in Lagos and the surrounding areas because the imported vessels are still unloading the product.

In a separate speech, Mr. Clement Isong, Chief Executive Officer/ES of the Major Oil Marketers Association of Nigeria, MOMAN, urged the downstream industry participants to embrace automation to increase sector transparency.

“Our perspective in MOMAN is that we are striving for the automation of the entire supply chain,” he added, speaking at a virtual workshop on World International Data Day in Lagos over the weekend. Everyone will thereafter be required to make investments to maximize their company.

In the end, the client is the beneficiary. For corporate governance, it is beneficial. It makes it impossible for people to steal. Additionally, the authority, NMDPRA, must invest in infrastructure for data collection, conduct a preliminary study of the data, and post the results of that research on its website for access by investors, marketers, operators, and everyone else.

“Optimize the business and decide on investments based on that. It is essential to an unregulated system. It enhances decision-making quality, increases transparency, and gets rid of dishonest behavior as well as fraud and theft.

The Director of the Centre for the Development of Private Business, Dr. Muda Yusuf, also included the following in its economic agenda for the future administration: “Demonstrate unequivocal commitment to the implementation of the Petroleum Industry Act. The oil and gas industry would receive additional investment as a result. With the least amount of economic and societal disruption, eliminate the gasoline subsidy.

“It is necessary to establish a substantive minister of petroleum resources to encourage professionalism and openness in the industry. It should no longer be customary for the President to serve as the petroleum minister. The Ijegun-Egba Tankfarm in Lagos, however, was recently visited, and it was discovered that four vessels carrying about 80 million liters were still delivering the goods to tank farm owners.

A.A. RANO Nigeria Limited, JGold Nigeria Limited, Chipet International Limited, Emadeb Energy Services Limited, First Royal Oil Nigeria Limited, MAO Petroleum Company Limited, Menj Oil Limited, Ocean Pride Energy Services Limited, Stallionaire Nigeria Limited, Wosbab Energy Solutions Limited, and Rainoil Limited are just a few of the tank farm owners who would take the product to their outlets and sell to independent marketers at the government-regulated price of N172 per liter.

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