The Nigerian National Petroleum Corporation Limited, (NNPC) Limited, during a meeting with the Department of State Services (DSS) and other midstream and downstream oil sector stakeholders on Thursday, said it has a stock of 1.9 billion litres of petrol to provide steady PMS supply through the yuletide and beyond,
The DSS, during the meeting, issued a 48-hour ultimatum to the national oil company and marketers to resolve the ongoing petrol distribution crisis.
Responding to the ultimatum, Mele Kyari, NNPC’s group chief executive officer (GCEO), reaffirmed that the company “has in-country stock of PMS of over 1.9 billion litres, which is over 30 days sufficiency”.
NNPC also promised “to sell the PMS product at the ex-coastal price to all marketers, especially the IPMAN members with a view to also providing depots specifically meant for their off-take in order to curtail the profiteering that they have been experiencing in some depots”.
“NNPC has also made procurement for the supply of similar volume from now till end of March 2023,” he said.
“We have also directed operation team to engage in 24 hours loading of PMS in the next couple of days and make sure some outlets operate 24hours without compromising security in order to bring quick relief to the people.”
Stakeholders at the meeting include: the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Major Oil Marketers Association of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DPPMAN), Independent Petroleum Marketers of Nigeria (IPMAN), National Union of Petroleum and Natural Gas workers (NUPENG), National Association of Road Transport Owners (NARTO).
The associations, also agreed to unite to clear the persistent petrol queues at filling stations nationwide, within the next 48 hours.