NNPC Retail, a unit of the Nigerian National Petroleum Company Limited (NNPCL), has announced a robust fuel supply of at least 30 days to address growing fuel queues at retail stations across Lagos and other parts of Nigeria.
In a statement released on Thursday via its official Twitter account, the company affirmed that the root cause of the queues had been resolved and urged motorists to avoid panic buying.
The notice stated, “We assure all Nigerians that there is ample supply with the sufficiency of at least 30 days. Motorists are advised to desist from panic buying as distribution will normalize over the next couple of days.”
This announcement follows a week of fuel supply challenges, especially in Abuja, where some retail fuel stations temporarily closed due to difficulties in importing fuel.
The situation has intensified due to foreign exchange availability issues and currency market volatility, leading NNPCL to become the primary fuel importer.
These fuel shortages have had far-reaching consequences with individuals opting for public transportation to avoid the inconvenience and financial burden of long queues and exorbitant fuel prices, which have exceeded N613 per litre.
The resultant shift in transportation choices has affected daily routines and decisions, emphasizing convenience and cost-effectiveness. Moreover, increased transportation costs have raised food prices, further straining consumer budgets.
While fuel availability has improved in certain areas, the removal of fuel subsidies, driving up fuel pump prices, continues to impact the cost of living.
Rising prices of essential commodities, such as liquefied petroleum gas (LPG or cooking gas), add to the affordability challenges faced by many Nigerians, highlighting the economic strains on the population.
NNPC Retail’s reassurance of a 30-day fuel supply serves to alleviate concerns and stabilize the situation as it strives to meet the fuel demands of the nation.