NNPC says it has 2.6bn litres of petroleum oil in stock

THE Nigerian National Petroleum Corporation (NPPC) says it has 2.6 billion litres of petroleum products offshore and onshore in Lagos State to meet the nation’s demands.

Mr Isiaka Abudulrasaq, the Chief Financial Officer of NNPC gave the assurance in an interactive session with journalists in Lagos on the corporation’stewardship to Nigerians in Lagos on Saturday.

Abdulrasaq said that the country has about 52-day-petroleum sufficiency, adding that this represented an average of 50 million litres per day products availability on land.

He said that motorists and other consumers of petroleum products are assured of adequate stock to meet their energy needs.

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The CFO further dispelled insinuations of any impending petroleum products scarcity in the country.

He said that providing information on the petroleum products stock level became imperative to dispel suggestions that the threat of a strike by the DAPPMA would result in a slip into a round of products shortages across the country.

He advised motorists 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 the importation of petroleum into the country, adding that the government has saved over N305 billion from subsidy payment.

He, however, condemned insinuations that government is planning to sell the country’s refineries, adding that the refineries are currently undergoing rehabilitation.

Similarly, the Executive Secretary, Major Oil Marketers of Nigeria (MOMAN) Mr Clement Isong pledged its association’s commitment towards product availability across the country.

Isong told the News Agency Nigerian (NAN) on the phone that MOMAN operations and sales will continue to the general public and no interruptions are planned or expected by the association.

According to him, MOMAN in the company of other marketers associations met with representatives of the government on Dec. 6 where they held discussions on the outstanding payments owed marketers by the government.

“At that meeting, the 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 the 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.