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Business News of Sunday, 5 March 2023


NNPCL boasts of 2.1bl of petrol sufficiency for 47 days

Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation Mele Kyari, Group Managing Director, Nigerian National Petroleum Corporation

The Nigerian National Petroleum Company Limited (NNPC) said it has 1.2 billion litres of the Premium Motor Spirit (PMS) which can last 47 days.
The assurance was based on fresh scarcity of the product that resurfaced in the Federal Capital Territory at the weekend.

NNPCL Chief Corporate Communications Officer, Garba Deen Muhammad, who made this known in a statement, said the pocket of scarcity was due to restriction of movement during the February 25 elections.

His words: “Latest updates released on Saturday show a total of 2.1 billion litres of PMS stock, representing 0.9 billion litres in all the land depots nationwide and 1.2 billion litres on marine vessels, which is equivalent to 35 days sufficiency as of 4th March 2023.

“We plan to close the month of March 2023 with about 2.8 billion litres, which is equivalent to 47 days of sufficiency.”

According to NNPCL, “the appearance of pockets of queues in Abuja and some parts of the country, is largely due to restrictions in businesses and movement, to allow for the conduct of the Presidential and NASS elections and enable Nigerians to exercise their civic right. However, operations have now resumed at the depots and trucks are being dispatched to various parts of the country.”

The company said it expects expect normalcy to be restored in the next few days.

NNPC Ltd and all its partners and stakeholders,said the Chief Communications Officer, will continue to work together to ensure seamless distribution of petroleum products around the Gubernatorial and State Assembly elections.

He advised Nigerians not to engage in panic buying.