NNPC cautions against panic buying, says its depots still pumping fuel

The Nigerian National Petroleum Corporation, (NNPC has assured petroleum products consumers not to engage in panic buying as it holds 2.6billion litres of petrol and 90,000 metric tonnes of Kerosene.

It said the holding is expected to last 52 days, assuming no single drop of products is imported from now.

This comes as the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) suspended its earlier directive to commence shutdown of depots across the country from loading petroleum products effective from 12-midnight today (Monday).

NNPC spokesman Mr. Ndu Ughamadu, in a release on Monday morning in Abuja said the purported shut down of operations by DAPPMAN would not affect products distribution as NNPC had ordered all its depots across the country and those of bulk purchase marketers it recently entered agreements with to undertake a 24 hour operations to avert any shortages in products distribution in the country.

Ughamadu said: “All NNPC depots, Petroleum Products Marketing Company (PPMC) throughput partner depots, the Major Marketers depots and depots of DAPMAN members who signed the Bulk Purchase Agreement (BPA) with PPMC as well as NNPC Retail stations, Major Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) filling stations, will continue to operate at maximum levels to ensure uninterrupted distribution of petroleum products nationwide.”

Meanwhile, the suspension directive by DAPPMAN was conveyed in a statement issued around 1.20am by its Executive Secretary, Olufemi Adewole in Lagos.

The association had issued a shutdown directive to its members following the continuing indebtedness of the Federal Government to petroleum marketers.