PRESS RELEASE: Petroleum Products Loading Resumes at NNPC Depots Nationwide

Loading Activities have resumed in depots of the Nigerian National Petroleum Corporation, NNPC, nationwide. The resumption of activities at the depots across the nation followed the suspension of a strike action by the National Union of Petroleum and Natural Gas Workers, NUPENG.

The Corporation’s current petroleum products stock holding is robust at over 37 days PMS (petrol) sufficiency.

The Corporation noted that with the resumption in production of diesel and kerosene by the nation’s three refineries located in Port Harcourt, Kaduna and Warri, Nigerians can be rest assured that the seamless flow of petroleum products during the yuletide season would be sustained.

PRESS STATEMENT ON CURRENT FUEL SITUATION IN NIGERIA BY MINISTER OF STATE FOR PETROLEUM RESOURCES, IBE KACHIKWU

We have just finished a meeting of various stakeholders presided over by His Excellency, the Vice President of the Federal Republic of Nigeria.

The meeting had in attendance the Leadership of the Senate, House of Representatives, Governors Forum, and Labour Unions (NLC, TUC, NUPENG, and PENGASSAN).

The meeting reviewed:

1. The current fuel scarcity and supply difficulties in the country.

2. The exorbitant prices being paid by Nigerians for the product. These prices range on the average from N150 to N250 per litre currently.

3. The meeting also noted that the main reason for the current problem is the inability of importers of petroleum products to source foreign exchange at the official rate due to the massive decline of foreign exchange earnings of the federal government. As a result, private marketers have been unable to meet their approximate 50% portion of total national supply of PMS.