Fuel: Low Load-Outs at Depots Triggered Queues - NNPC

Fuel: Low Load-Outs at Depots Triggered Queues – NNPC

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says the sudden appearance of fuel queues in parts of Abuja is due to low load-outs at depots.

A statement by Garba Muhammad, Group General Manager, Group Public Affairs Department, NNPC on Monday,  said this usually happened during long public holidays, hence the Sallah celebrations.

Muhammad said another contributing factor to the sudden appearance of queues was the increased fuel purchases, also common with returning residents of the FCT from the public holidays.

“The NNPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority in conjunction with their marketing partners have taken necessary measures to ramp up load-outs from all depots.

“We assure all residents of the FCT, and indeed all Nigerians, that we have ample local supplies and national stock in excess of 2.5 billion litres, with a sufficiency of more than 43 days. READ: Bad Fuel: No Need for Panic Buying, Regulator Says

The NNPC Ltd. hereby advised motorists not to engage in panic buying as supplies were adequate and would become increasingly evident in the coming days. Fuel: Low Load-Outs at Depots Triggered Queues – NNPC

Previous articleNaira Crashes to N419 as External Reserves Sink
Next articleMarket Wrap: Glass Half Empty, Half Full
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.