• Says it has 2.6bn litres of PMS in stock
• Has 52 days supply
• Nigerians consume 50m litres per day
The nation’s oil company, the Nigerian National Petroleum Corporation (NPPC), has said it has 2.6 billion litres of petroleum products offshore and onshore in Lagos State to meet the nation’s demands, dispelling the fear of fuel scarcity which over the years had been characteristic of the Yuletide season in the country.
Chief Financial Officer of NNPC, Mr Isiaka Abudulrasaq, gave the assurance during an interactive session with Business Editors and Energy Correspondents, while rendering the corporation’s stewardship to Nigerians in Lagos on Saturday.
He gave the assurance that with 2.6 billion litres of PMS in stock, which is equal to 52 days supply at the rate of 50 million litres per day consumption by Nigerians, the possibility of scarcity was very remote, assuring motorists and other consumers of petroleum products of adequate stock to meet their energy needs..
The CFO said that providing information on the petroleum products stock level became imperative to dispel suggestions that the threat of strike by the DAPPMA would result in a slip into a round of products shortages across the country.
He called on motorists and other product users not to engage in panic buying as the corporation would do all it could to ensure products availability in all parts of the country, Abudulrasaq said that the corporation had been proactive in importation of petroleum products into the country, adding that government has saved over N305 billion from subsidy payment.
He, however, debunked insinuations that government was planning to sell the country’s refineries, adding that the refineries are currently undergoing rehabilitation.
Lending credence the NNPC position in the face of looming product scarcity, the Executive Secretary, Major Oil Marketers of Nigeria (MOMAN) Mr Clement Isong had pledged his association’s commitment towards product availability across the country.
Isong who spoke with the News Agency Nigerian (NAN) said that MOMAN operations and sales would continue nationwide and no interruptions are planned or expected by the association.
According to him, MOMAN along with other marketers associations met with representatives of the government on Dec. 6 where they held discussions on the outstanding payments owed marketers by government.
“At that meeting, government made some proposals on how to settle the outstanding debt and marketers requested some adjustments to these proposals by government and are expecting to hear from government.
“MOMAN had at no time issued an ultimatum or threat to stop operations or sales and will continue operations and sales to the public throughout the Christmas and end of year period while engagements with the government continue.
“This is to ensure that payment of what is due to Marketers is made as soon as possible to avoid the collapse of many stakeholders in the downstream petroleum sector,’’ he said.
In another development, the federal government has said that it would by Friday December 14th, pay oil marketers N236 billion, being first tranche payment of the verified N348 billion outstanding subsidy claims owed the marketers by the government.
This assurance was given by the Chief Operating officer (COO), Downstream of the Nigerian National Petroleum Corporation (NNPC) Mr. Henry Ikem-Obih in Abuja.
Ikem-Obih said the agreement to pay the marketers was reached at a meeting last Thursday with all the relevant stakeholders present, including the Depot and Petroleum Product Marketers Association (DAPPMA) who on Friday denied that it reached such agreement with government.
He explained that it was agreed that after the first tranche is paid, the marketers will form a committee to work on details of how the next tranche will be paid in 2019 and the last paid in 2020.