The Nigerian National Petroleum Company Limited (NNPCL) has assured motorists and other fuel users in the country of adequate product to meet their demands amid resurgence of queues in filing stations in major cities nationwide.
While advising motorists and other users of the commodity not to engage in panic buying, the company attributed the recent fuel queues in Lagos and some locations to the reduced depot load-outs in Apapa, Lagos.
It stated on Thursday that the root cause of the scarcity had been addressed
It assured: “We assure all Nigerians that there is ample supply with sufficiency of at least 30 days, distribution will normalize over the next couple of days.”
However, marketers on Thursday linked the product’s scarcity in Lagos, Abuja, Kano, Ekiti and some cities to the depreciating value of the Naira in the foreign exchange (FX) market, and the deplorable conditions of federal roads that had made it difficult to easily distribute petroleum products in recent weeks.
Speaking about the resurgence of queues in some major filing stations across the country, the Executive Secretary of the Major Marketers Association of Nigeria (MOMAN), Clement Isong, lamented the FX supply scarcity and the deplorable conditions of road networks from the South to the North, noting that this has led truck owners to incur huge financial losses as a result of accidents and mishaps.
Isong clarified that the US dollar had crossed the N1,000 threshold in the black market and that marketers were finding it very difficult source FX from the official window, thus putting serious pressures on marketers.
