Nigerian National Petroleum Corporation (NNPC) has assured Nigerians of a 60-day fuel sufficiency as the country battles the coronavirus epidemic, where the corporation urged Nigerians not to engage in panic buying of Premium Motor Spirit (PMS), as the country has adequate stock of the products.
The Group Managing Director (GMD) of the corporation, Mr Mele Kyari gave this 60-day fuel sufficiency assurance while briefing newsmen on Sunday in Abuja.
Mr Kyari assured that the NNPC had the support of all stakeholders to ensure an adequate supply of petroleum products in the country.
He said: “There is absolutely no scarcity anywhere; our supply is robust, we have fuel that will last this country even for 60-days if assuming we do not import any.
According to the GMD, people because of the pandemic, stay at home, may try to conserve fuel, there is no need to do this.
“Maintain your normal life, we have secured all assurances that trucks will be moving freely across the country throughout this period of difficulty and supply will be sustained’’.
Mr Kyari appealed to Nigerians no to flood fuel stations as there was no need for that.
Commenting on National Association of Road Transport Owners (NARTO) order to petrol tankers drivers to vacate the depots, Kyari said that the corporation would continue to engage them.
“No restrictions; as we speak now loading is going on, trucks are moving around, no action like that will come to fruition,’’ he added.
Before this assurance of a 60-day fuel sufficiency, the Federal Government had on Wednesday 18th March 2020, announced the reduction in the pump price of petrol from N150 to N125 per litre.
The new pump price came after the international crude oil price witnessed it’s the heaviest fall in 18years, selling for $26 per barrel.
In a statement released by Mele K. Kyari had said effective from 19th March 2020, NNPC Ex-Coastal price for PMS will be reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
The NNPC Boss said these reductions will, therefore, translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre,” he added.
The international crude oil prices took a huge plunge on Wednesday 18th March 2020, following the price war between Saudi Arabia and Russia, and most importantly the slow in demand due to the spread of the novel Coronavirus that has crumbled virtually all economic activities around the world. But since this announcement, there have been some improvements in the price of crude, which watchers are also predicting could fall further to about $10 per barrel.