See when NNPC expects fuel scarcity to end, calls for patience

• The NNPC has acknowledged the ongoing fuel scarcity and has called for patience from Nigerians as it addresses the causes
• The oil company explained that the scarcity is not due to product unavailability but rather logistical challenges and disruptions in the supply chain
• It stated that efforts are underway to resolve the issues and has also countered claims that it is paying subsidy

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company Limited (NNPC Ltd) has appealed to the public for patience amid ongoing fuel shortages.

The oil company has also addressed recent confusion surrounding subsidy payments.

NNPC calls for patience as fuel scarcity bites Photo credit: Bloomberg/contributor
Source: Getty Images

In a statement released on Monday, August 19, 2024, to announce that it recorded N3.297 trillion in profit for the financial year ending December 2023, Dapo Segun, the Executive Vice President of Downstream, assured that the company is actively addressing the ongoing fuel scarcity.

Legit.ng reported that the scarcity has led to long lines at filling stations and increased fuel prices, particularly in Lagos and Abuja.

Segun appealed for understanding from Nigerians, saying that the company is working with relevant stakeholders to address distribution, evacuation, and logistics challenges.

Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, told Punch that he expects the scarcity to be resolved by Wednesday, August 21, 2024.

On the causes of the scarcity, he explained in a statement to journalists:

"The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT, which is as a result of distribution challenges.“The Company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy”.

Fuel subsidy is gone

Meanwhile, NNPCL has clarified misconceptions about subsidy payments.

According to Umar Ajiya, the Chief Financial Officer of NNPCL, there is no subsidy.

He noted that the company is only covering the shortfall in PMS importation between itself and the Federation.

Dangote Refinery sets date for petrol production

Legit.ng earlier reported that the Dangote Refinery pushed back petrol production from the facility due to crude oil supply challenges.

The facility initially set August 11 and 12 as the dates for the beginning of petrol production.

Sources say the refinery expects to pump its first petrol into the Nigerian market at the end of August.

Source: Legit.ng