The Petroleum Product Pricing Regulatory Agency has put the country’s daily supply of Premium Motor Spirit, otherwise known as petrol, at 56 million litres.
In a statement signed and made available to our correspondent in Abuja on Sunday by the Executive Secretary, Abdulkadir Saidu, PPPRA said that daily supply of petrol in the country grew from 46 million litres per day in 2017 to 54 million litres in 2018 before peaking at 56 million litres in 2019.
Saidu said that based on the availability of the product, there is no need for panic buying.
He said, “The agency has observed the sudden reappearance of queues at some filling stations over speculation of shortfall in the supply of Premium Motor Spirit.
“PPPRA, in line with its mandate to regulate petroleum products supply and distribution as well as establish an industry data bank, has continued to monitor products supply in the sector in line with best practices.
“Thus, PMS average daily supply for the year 2017, 2018 and 2019 are about 46 million, 54 million and 56 million litres respectively. These indicate an improved level of supply in 2019.”
He added, “Based on the available data, there is adequate supply of PMS with over 21 days sufficiency.
“PPPRA, therefore, urges fuel consumers across the country to desist from panic buying as the agency would continue to monitor the supply situation and take every step required to ensure that there is no disruption in the supply chain.”
Saidu urged Nigerians to disregard panic buying as there was adequate product supply in the system to meet the demands of consumers.
The World Bank had in a recent report said that Nigeria had spent N731bn in 2018 to subsidise inflated petrol imports.
According to the report, Nigeria’s consumption of petrol jumped from 40 million litres per day in 2017 to 54 million litres per day in 2018.
It is believed that a good proportion of the petrol for which Nigeria pays subsidy on find its way to neighbouring countries, thus resulting in controversial domestic consumption levels.