Despite the continued fuel scarcity, the Nigerian National Petroleum Corporation (NNPC) and its downstream subsidiary, the Pipelines and Products Marketing Company (PPMC), has said it has 1.2 billion litres of petrol in stock.
According to the corporation, the figure translates to 31 days sufficiency going by the 40 million daily consumption rate of the product in the country.
The managing director of the PPMC, Prince Haruna Momoh, who made the disclosure in Abuja, further stated that 21 additional vessels laden with petroleum products are offshore, waiting to berth.
He added that the NNPC had made adequate arrangements to ensure energy sufficiency in the country and reassured motorists that the noticeable queues at the filling stations would thin out in the days ahead. Momoh also noted that the NNPC has enough diesel to last for 21 days and kerosene for 18 days. He disclosed that as part of efforts to ensure petroleum products sufficiency and distribution, the NNPC embarked on an aggressive reception depot rehabilitation in 2011, even as he added that presently 18 of the 23 depots have been fully recovered with the exception of Makurdi, Yola and Maiduguri due to the activities of pipeline vandals.
Momoh also disclosed that the corporation suffered petroleum products losses worth N40.8 billion through pipeline vandalism in 2014, stressing that no business could survive such a loss and still remain a going concern. He said that there was a marginal increase in pipeline vandalism, explaining that while the corporation recorded 3,517 vandalised points in 2013, the figure increased to 3,774 in 2014.
Source : Leadership