Published: Sun, December 24, 2017
Finance | By Loren Pratt

NNPC to flood market with petroleum products

NNPC to flood market with petroleum products

It also said PMS stock was also boosted by supplies from Port Harcourt Refinery as well as Kaduna Refining and Petrochemical Company which were autonomous business units of the corporation.

It said in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, yesterday in Abuja that the companies were duly registered at the Corporate Affairs Commission (CAC) with their registration numbers. "We will load even on Christmas Day".

He said, "Currently we are taking delivery of 27 million litres, to be followed by another 39 million litres".

A Minister, also unnamed by The Nation, said, "Before the crisis, the nation used to consume between 30 million to 35 million litres of Premium Motor Spirit (PMS) daily but since this current challenge started, the consumption has shot up to 80 million litres per day".

NNPC again urged Nigerians to remain calm and not to engage in panic buying, as the end of the hiccup has come.

Assuring that the fuel situation would fizzle out this week, Baru warned marketers against hoarding, stressing that any filling station found wanting in this regard would lose its entire products to motorists.

This is coming as the Department of Petroleum Resources declared on Saturday that depot owners who divert products or sell above the regulated ex-depot price would pay up to N20m as fine.

"I believe that Benue has what it takes to lead the country in the bio-fuels industry".

"We have alluded to the fact that the NNPC, under Dr. Baru, has been doing very well in discharging its fiduciary responsibilities".

The Agasha-Guma bio-fuels project aims at developing Integrated Sugarcane Plantation and Fuel-Ethanol/Sugar/Power Plant Complex in Benue through a Special Purpose Vehicle (SPV).

He told NAN that the scarcity was artificial as the corporation "as at today has adequate products and a 25-day sufficiency".

"Furthermore, the companies collectively lifted a total of 8.8 million barrels of crude oil valued at $436.35 million as at 30th October 2017 contrary to the claim that 67.2 million barrels were lifted", said NNPC which claimed the report was meant to disparage it.

DAPPMA noted that with oil sector regulator, the sole importer of petroleum products into the country, it would be wrong for the corporation to blame marketers for scarcity of the product.

NARTO National President, Kassim Ibrahim Bataiya, said: "We are here to express our solidarity with the NNPC and to also pledge our continuous support to the GMD for working hard to restore normalcy to the supply of products across the country".

Nigeria is one of the top ten world producer of crude oil but it continues to import virtually all its refined petroleum needs.

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