NNPC Restores Petrol Supply in Lagos, Urges Against Panic Buying

The Nigerian National Petroleum Company Limited (NNPC) has announced that it has resolved the recent petrol supply glitch in Lagos.

This comes as a relief to residents of the city who have been grappling with long queues at fuel stations due to a shortfall in petrol availability.

In a statement on Friday, the NNPC spokesman, Olufemi Soneye, explained that the petrol supply issue in some Lagos stations was due to a problem at one of the depots in the area.

The NNPC Retail Limited, the company’s retail arm, has since resolved the issue, and normalcy in supply is expected to return starting from Saturday, April 6.

Despite this announcement, there has been speculation that the cause of the petrol shortage is due to the NNPC’s inability to pay its subsidy backlog to oil traders since November and December of last year.

While some marketers have said the supply hiccup had nothing to do with the said subsidy backlog, they also believe that the subsidy regime is not helping the country.

Petroleum marketers have expressed hope that the situation will soon be over as the supplier makes more products available to them.

A marketer whose company is a member of the Major Energies Marketers Association of Nigeria (MEMAN) told THISDAY that they were waiting for more supply from the NNPC, which is currently the only petrol supplier in the country.

Despite the assurance of improved supply, there is still concern that queues at fuel stations may persist until enough products are available to meet the demand.

The NNPC has called on motorists in Lagos to avoid panic buying of petrol as efforts are underway to ensure an adequate supply of petroleum products in the region.

The situation has been particularly challenging for residents, with many petrol stations either not dispensing or recording long queues of motorists trying to buy fuel.

The issue has also raised questions about the sustainability of Nigeria’s subsidy regime and its impact on the supply and distribution of petroleum products.

The NNPC’s announcement that it has resolved the petrol supply issue in Lagos is a welcome development for residents and motorists in the city.

However, the challenge of ensuring a steady and reliable supply of petrol remains a critical issue that must be addressed to prevent similar situations from arising in the future.