Economy

Stop panic buying, we are on top of the situation, NNPC boss tells Nigerians

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, has cut short his trip to London in order to salvage the fuel supply and distribution challenges witnessed in some parts of the country due to panic buying from motorists.

Baru, who was billed to receive the Forbes Oil & Gas Man of the Year Award 2017 in the British Capital on Tuesday, flew back home to attend to what he described as a “matter of urgent national importance.”

Speaking on the development shortly before his departure back to the country, Baru called on Nigerians to stop panic buying as the Corporation was doing everything within its reach to address the situation.

“For the umpteenth time, I wish to call on all Nigerians to stop panic buying. We have said times without number that NNPC has sufficient products to cater for the needs of all consumers.

Before leaving for London, the GMD had directed that more truckload of petroleum products be dispatched to various parts of the country to cushion the effects of excessive demand caused by panic buying.

Earlier on Monday, NNPC informed Nigerians that there was no plan whatsoever to increase the prices of petroleum products both at the ex-depot level and pump price ahead of the forthcoming yuletide.

The NNPC in a release, said that the ex-depot petrol price of N133.38 per litre and the pump price of N143/N145 per litre have not changed noting that the Corporation has enough stock of fuel to ensure seamless supply and distribution of products across the country.

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