The Nigerian National Petroleum Corporation (NNPC) has fast-tracked agreements with bulk purchase Marketers in the country, a statement released today in Abuja by the corporation’s Group General Manager, Group Public Affairs, Mr. Ndu Ughamadu, has said.
Quoting the NNPC Chief Operation Officer (COO), Downstream, Engr. Henry Ikem Obih, Ughamadu stated that all NNPC depots, Petroleum Products Marketing Company (PPMC) throughput partner depots, the Major Marketers depots and depots of Depot and Petroleum Products Marketers Association of Nigeria (DAPMAN) members who signed the Bulk Purchase Agreement, BPA, with PPMC as well as NNPC Retail stations, Major Marketers Association of Nigeria (MOMAN) and Independent Petroleum Marketers Association of Nigeria (IPMAN) filling stations, will continue to operate at maximum levels to ensure uninterrupted distribution of petroleum products nationwide.
The statement said Engr. Obih urged motorists not to engage in panic buying of petroleum products during the festive season, adding that government had agreed to settle the first tranche of the verified claims of the Oil Marketers subsidy claims in line with the approval of Federal Executive Council (FEC) and National Assembly (NASS) by Friday, 14 December 2018. The NNPC spokesperson explained in the statement that Engr. Obih applauded Marketers under the aegis of MOMAN, some BPA DAPPMAN members, IPMAN, National Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD), Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Nageria Union of Petroleum and Natural Gas Workers (NUPENG) for aligning with the Federal Government’s plan to pay the first tranche of the verified outstanding of N236bn subsidy claims during next week.
The statement relayed that Engr. Obih explained that the payment of the verified subsidy debt would be in form of promissory notes, while assuring that the NNPC would continue to work with all relevant downstream stakeholders to ensure that the country is wet with petroleum products going forward.
The statement signed by Mr. Ughamadu said as part of efforts to sustain the zero-fuel shortage situation in the country, NNPC has assured motorists and all relevant stakeholders that it has 2.6 billion litres stock of Premium Motor Spirit (PMS) otherwise called petrol and 90,000 metric tonnes of Dual Purpose Kerosene (Diesel), saying the holding is expected to last 52 days, assuming no single drop of products is imported from now.
The stock, according to the statement, is the largest petroleum products inventory ever held by the National Oil Company since it was established in 1977, adding products are already strategically stored in all NNPC depots across the country. Ughamadu in the statement also quoted the Managing Director of the PPMC, Mr. Umar Ajiya, as disclosing that Nigerians should go about their normal businesses as adequate arrangements have been put in place by the NNPC and PPMC to ensure that there are continuous supply and uninterrupted distribution of petroleum products throughout the country.
It said Mr. Ajiya assured that all the 618 NNPC retail stations and all the NNPC depots would be operational across the country throughout the festive season in order to ensure seamless supply and distribution of petroleum products.