Fuel Queues: #NNPC Speaks On Panic Buying, Confirms 30-day Fuel Sufficiency—-NNPC Retail – a subsidiary of the Nigerian National Petroleum Company Limited (NNPCL) has said that it has fuel supply of at least 30 days.
The company stated this in a notice released on Thursday, October 19 via its official Twitter account.
The company released the statement as a response to growing fuel queues at retail stations in some parts of Lagos and around the country, noting that the root cause of the queues has since been addressed. The statement read as follows:
- “NNPC Retail Limited notes the appearance of fuel queues in some parts of Lagos and a few other locations around the country. This is due to reduced Depot loadout in Apapa, Lagos over a few days, and the root cause has since been addressed.
- “We assure all Nigerians that there is ample supply with the sufficiency of at least 30 days. Motorists are advised to desist from panic buying as distribution will normalize over the next couple of days.”
Backstory
Over the past week, some retail fuel stations across Nigeria, especially in the capital city of Abuja, have ceased operations. The primary reason behind this closure is the inability of fuel marketers to import fuel into the country.
The situation has worsened as the Nigeria National Petroleum Company Limited (NNPCL) has once again become the sole importer of fuel due to ongoing foreign exchange availability issues and currency market volatility.
This fuel shortage has had significant ripple effects. Some individuals have expressed their strong aversion to enduring lengthy queues, particularly in light of the current high fuel prices.
For them, choosing public transportation and paying double the usual fare seems like a more practical choice compared to the inconvenience and financial burden of waiting in line to purchase fuel at exorbitant rates, which can range from N613 to N620 per litre.
The shift in transportation choices highlights the impact of fuel queues and soaring prices on individual decisions and daily routines, where convenience and cost-effectiveness take precedence.
Also, many commuters, particularly those involved in the transportation of food supplies to local markets, have been forced to pay higher prices for transportation.
This, in turn, has led to an increase in food prices, making it more challenging for consumers. It is worth noting that in Abuja, some fuel stations have since reopened, and fuel availability has improved in certain parts of the city.
However, the fallout from the removal of fuel subsidies, which has driven fuel pump prices to N613 and beyond, continues to affect the cost of living.
Furthermore, essential commodities like liquefied petroleum gas (LPG), commonly known as cooking gas, are also on the rise, exacerbating the affordability challenges faced by many Nigerians.
With earnings lagging behind rising costs, the situation highlights the economic strains experienced by the population.
