The Nigerian National Petroleum Company, NNPC Limited has announced new updates on the recent hike in the price of premium motor spirit (PMS), otherwise known as petrol, in some parts of the country.
The company also provided explanation for the current scarcity of the fuel.
Long queues were reported in many filling stations across the leaving thousands of commuters stranded and stuck.
The scarcity has led to a dramatic hike in the price of PMS in several parts of the country.
It was gathered that many filling stations across the 36 states and FCT are currently selling PMS for over N700 per litre.
It was more challenging for some motorists in the north, who were forced to buy the product from black marketers for as high as N1,100 per litre.
However in response to the development, Olufemi Soneye, NNPCL’s chief corporate communications officer, attributed the scarcity to logistical challenges, The PUNCH reports.
He assured that the matter has been addressed and encouraged motorists to refrain from panic buying.
Soneye emphasised that the national oil company, serving as the sole importer of petrol, possesses an ample supply to meet demand.
He said, “The NNPC Ltd wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is a result of logistics issues and that they have been resolved.
It also wishes to reiterate that the prices of petroleum products are not changing. It urges Nigerians to avoid panic buying, as there are sufficient products in the country.”
