Stop Panic Buying, NNPC Urges Nigerians

NNPCThe Nigerian National Petroleum Corporation (NNPC) has urged Nigerians to stop the panic buying of petrol across the country.

Most filling stations in Abuja and other parts of the country have been inundated with cars forming long queues in an attempt to get petrol.

However, in a statement signed by the Spokesman of the NNPC, Mr Ohi Alegbe, the NNPC said that there is adequate product to last the country for 23 days.

The statement put the quantity of petrol stock at over 927 million litres.

The statement further warned marketers not to engage in products hoarding and diversion as the monitoring committee from the Pipeline and Products Marketing Company (PPMC) is empowered to sanction anyone engaging in sharp practices.

The NNPC had on Monday said that there was no iota of truth in the news making the rounds that the organisation had reduced the pump price of fuel.

The Group General Manager of NNPC, Ohi Aligbe told Channels Television on Monday that stories about the pump price being reduced has gone viral on the internet, but maintained that pump price of petrol remains 87 naira per litre.

NNPC Denies Slashing Petrol Pump Price

NNPC The NNPC says there is no iota of truth in the news making the rounds that the organisation has reduced the pump price of fuel.

The Group General Manager of NNPC, Ohi Aligbe told Channels Television on Monday that stories about the pump price being reduced has gone viral on the internet, but maintained that pump price of petrol remains 87 naira per litre.

He called the rumour the handiwork of detractors, saying that the management is not contemplating price reduction as at now.

Fuel Scarcity Hits Nigerian States

Fuel ScarcityQueues for the purchase of fuel have continued to emerge at various fuel stations across Nigeria, with intending buyers wasting hours at different fuel stations.

Many commuters spent many hours waiting on Monday. Some five hours others over eight hours.

When Channels Television crew visited some petrol stations across the oil rich nation, the queues continued to mount and some operators, who spoke off-camera, could not explain the cause of the fuel scarcity.

An attendant at a filling station in Bariga, Lagos, told Channels Television’s crew that the station had not sold petrol for the past three days, as tanks were dry and queues were mounting because they could not load products from the depot after exhausting the ones they had in their reserve.

Some of the petrol stations have increased their pump price from the official price of 87 Naira per litre to 100 Naira and above.

This move has attributed to higher cost of the product at the Nigerian National Petroleum Corporation’s depot.

The fuel scarcity has begun to inflict pain on motorists, and commuters who are sometimes left stranded at major bus stops and motor parks, while fares have been increased to some destinations. In most cases, fare has doubled.

In the meantime, the NNPC has asked members of the public not to engage in panic buying, as the corporation was working with all downstream industry stakeholders to eliminate the noticeable artificially induced fuel queues in some fuel stations.

On February 27, the NNPC said it added 688 million litres of petrol in the market to cushion the artificial scarcity witnessed in some states.

The corporation’s spokesman, Mr Ohi Alegbe, in a statement, said panic buying might be the reason for the artificial fuel scarcity.

Petrol Price Reduction: Transport Workers In Abia To Reduce Fare

PetrolThe Chairman of Abia State Chapter of National Union of Road Transport Workers, Sunny Nwakodo, has said that there is the likelihood to reduce the prices of transport in the state.

This is in line with the decision of the Federal Government to reduce the pump price of petrol from 97 naira to 87 naira per litre.

According to him, if all the petrol stations in the state abide by this new pump price, commuters would have a cause to smile as the union would do all within its ability to bring down fare.

While some of the petrol stations in the state, visited by Channels Television, have started selling at the new price, others have not changed their prices.

According to them, their inability to sell was because they were waiting for orders from the management to revert to the new price.

Some of them also claimed that they bought the fuel at the former price and the turn of event might affect their profit margin.

This has led to the NNPC mega Station being besieged with several vehicles.

Although many commuters expressed the view that the Federal Government’s decision to reduce petrol pump price was to draw attention for campaign purposes, a large number of them also think otherwise.

Some of the consumers who spoke to us said that the action taken by the government to reduce petrol pump price was commendable.

Many were pleased to buy their petrol at the new price of 87 naira per litre.

New Petrol Price Will Not Immediately Affect Common Man – Nweze

petrolA Professor at the Pan Atlantic University, Austin Nweze, believes that the Nigerian Government’s reduction of the pump price of petrol is a welcome development considering it came without a fight from Nigerians.

He, however, added that how long this would last remains something to ponder on as there are several factors that determine the prices of petroleum products.

Speaking on Sunrise Daily, he noted that the reduction of the pump price of petrol was a consequence of global drop in the price of crude oil, and wondered if the pump price in Nigeria would be raised again when global crude price goes up.

While sharing the view that it was not yet time to celebrate a permanent reduction, he also noted that such reduction would not affect majority of Nigerians as commuters would still be paying the same amount they pay for transportation.

He admitted, although, that vehicle owners who buy petrol daily would immediately start to benefit.

Explaining the dynamics of the oil market, Nweze opined that this was a good opportunity for the Nigerian Government to completely remove subsidy and allow filling stations to sell at different prices.

To validate his suggestion, he stated that many towns in the South-Eastern part of the country had been buying petrol at different prices different from the former price of 97 naira per litre. Therefore a deregulation would not be strange.

He also noted that this could help develop local refineries and also encourage local entrepreneurs to invest in the sector rather the Nigerian economy being in the hands of foreigners.

Professor Nweze further emphasized the need to diversify the Nigerian economy.

Austin Nweze, who is also the governorship candidate of the Social Democratic Party (SDP) in Ebonyi State, spoke briefly about his ambition and his chances of clinching the governorship seat in Ebonyi State in 2015.