By Etuka Sunday
Petroleum Products Pricing Regulatory Agency (PPPRA) yesterday urged Nigerians to disregard the panic buying as there is adequate product supply in the system to meet the demands of consumers.
The Agency said, it has observed the sudden re-appearance of queues at some filling stations over speculation of short fall in the supply of Premium Motor Spirit (PMS).
PPPRA said, 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.
In a statement signed by the Executive Secretary, PPPRA, Abdulkadir Saidu, the Agency said, 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.
“The Agency wishes to assure Nigerians to disregard the panic buying as there is adequate product supply in the system to meet the demands of consumers,” the statement said.