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NNPC blames fuel scarcity on panic buying

16 October 2012, 16:05

Abuja -  The Nigerian National Petroleum Corporation (NNPC), has blamed the current fuel scarcity in Abuja on panic buying and hoarding of the product.

Mr Fidel Pepple, acting Group General Manager, Public Affairs Division of the NNPC, told the News agency of Nigeria (NAN) on Tuesday in Abuja that there was enough fuel to go round the nation.

Pepple said that the corporation through its subsidiary, Pipelines and Products Marketing Company (PPMC) had at least 30 days stock of petrol and expressed optimism that the queues would soon thin out.

``I want to appeal to consumers to avoid hoarding and panic buying of fuel; the NNPC through its subsidiary the PPMC has at least 30 days stock of the product,’’ he said.

He said that NNPC was working with relevant stakeholders to ensure adequate supply of the product across the country.

``We are working hard with the relevant stakeholders to restore normalcy and we hope the queues will thin out very soon,’’ he added.

According to him, the delay in the repair of the vandalised pipeline in Arepo, Ogun has led to bridging of the product across the country with trucks.

In spite of the assurances from NNPC on the availability of fuel, NAN, however, reports that the product was still scarce as evidenced by long queues in filling stations.

The queues resurfaced on Friday, as only few filling stations were dispensing the product, while others remained under lock and key due to lack of the product.

Motorists in Abuja have continued to lament the precarious situation and called on government to find a lasting solution to the lingering crises.

The scarcity had also given rise to black marketers, who now cash-in on the situation to sell to consumers at exorbitant rates.

According to NAN, petrol now sells for between N110 to N150 per litre in some filling stations, as against the official price of N97 per litre, while the black marketers sell a 4 litre Jerry can for N3,000.



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