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PPPRA denies reports of imminent fuel scarcity, ask Nigerians to stop panic buying

The Petroleum Products Pricing Regulatory Agency (PPPRA) has denied reports in some quarters that there may soon be fuel scarcity in the country due to a N660 Billion unpaid debt owed some oil marketers. According to a statement released by the PPPRA, Nigeria has months of Premium Motor Spirit (PMS) sufficiency. Read the statement after the cut …
“The attention of Petroleum Products Pricing Regulatory Agency (PPPRA) management has been drawn to the news, stories and speculations in the media of an imminent fuel scarcity over Marketers’ unpaid 660bn naira debt and other sundry issues. The stories, under reference, claimed among others that ‘fuel queues may return to retail outlets across the country anytime soon, following the Federal Government’s inability to settle marketers’ 660bn naira debt’ and non-availability of foreign exchange (FOREX) to fund fuel imports. PPPRA wishes to state unequivocally, that these stories are gross misrepresentation of available facts at our disposal, hence misleading. For the avoidance of doubts, the National Petroleum Products Stock data and import plan currently indicates that the country has two (2) months Premium Motor Spirit (otherwise known as PMS) sufficiency. Hence we want to assure motorists and commuters alike, that the products supply situation is robust and able to cater for the fuel needs of all Nigerians, pending when ongoing challenges are addressed. As a corollary to the above, PPPRA also wants to inform that contrary to a widely-held belief on the status of HHK (Kerosene), the product is fully deregulated. We hereby appeal to all Nigerians to remain calm and desist from any form of panic-buying, as we assure of our total commitment to adequate products supply and distribution across the country in line with our mandate. We also appeal to all depot owners to adhere strictly to the subsisting truck-out principle in order to ensure that products get to retail outlets across the country in a seamless manner. The Agency shall not hesitate to apply appropriate sanctions where necessary” the statement read.

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