Petrol scarcity: Why Nigerians should stop panic buying

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has appealed to Nigerians not to engage in panic buying of petrol, saying it has enough in stock.

Farouk Ahmed, the Chief Executive Officer, NMDPRA, confirmed this to newsmen in Lagos on Tuesday, October 25, 2022.

What Farouk Ahmed said: Ahmed said he had checked with the Major Oil Marketers Association of Nigeria (MOMAN) and Nigeria National Petroleum Company Ltd. (NNPC) on the level of fuel stock and confirmed that they had sufficient stock.

Why you stop panic buying: Ahmed assured that there was enough fuel and, therefore, appealed to members of the public to avoid panic buying as all efforts were being made to resolve shortage in some filling stations in Lagos and its environs.

“l spoke with the MOMAN’S Executive Secretary this morning and he told me they have sufficient stock.

“I have directed them to start evacuating the product immediately to filling stations.

“NNPC has also confirmed sufficiency and they have commenced evacuation.

“From now till tomorrow the situation will be back to normal.

“I don’t know what is happening but we are on top of the situation,” he said.

Why there is scarcity despite sufficiency: The National Operations Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Mike Osatuyi, attributed the scarcity to unsteady supply in the past few days.

What you should know: Osatuyi told reporters that as a result of the unsteady supply, depots prices had risen from ₦165 to ₦177 and ₦178 per litre in Apapa and its environs.