The Petroleum Products Pricing Regulatory Agency has assured Nigerians of sufficient supply of petroleum products. The assurance, which the agency conveyed through a statement on Sunday, came on the heels of fears of declining global demand due to the spread of the coronavirus disease. “PPPRA reassures the public that it will continue to work with relevant stakeholders towards maintaining efficient petroleum products supply in the country,” the statement signed by the Executive Secretary, Abdulkadir Saidu, said.
The statement added that a recent study conducted by PPPRA indicated that the average PMS Days Sufficiency in January was 41.34 days, Automotive Gas Oil, 45.04 days, HHK, 9.36 days, while Aviation Turbine Kerosene and LPFO were 53.73 and 33.75 days, respectively. PPPRA’s January 2020 report on Oil and Gas Sector operations showed that the national supply of PMS was 1,828.62 billion litres, while AGO and ATK were 423.27 million litres and 96.70 million litres, respectively.
Furthermore, a similar report highlighting activities of the agency for week 21st – 27th February, 2020, revealed that the average day sufficiency stood at 42.28 days for PMS, AGO was 44.73 days while HHK was 20.36 days and ATK 36.22 days. During the week in view, the total volume of PMS and AGO discharged were 551.01 million litres and 84.84 million litres, respectively.
Also, Crude oil prices in January averaged $63.51, $64.06 and $58.29 per barrel for Brent, Bonny and WTI respectively, as against the December average prices of $67.02, $65.94 and $60.67 per barrel. Available data for week four of February 2020 indicated declines in the prices of Brent, Bonny and WTI, which averaged $57.17, $57.14 and $52.86 per barrel, respectively.