NNPC advices against hoarding, panic buying

By Post Nigeria December 11, 2014 04:24

NNPC advices against hoarding, panic buying

The Nigerian National Petroleum Corporation, NNPC, has blamed the increase in fuel prices to panic buying and hoarding.

Petrol sold for N110 per litre in Lagos and its environs.

Many petrol stations did not open yesterday for business as the warning strike embarked upon by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) entered its first day. Oil workers, under the aegis of the PENGASSAN, had on Monday announced plans to shut down all oil and gas installations nationwide due to anti-labour activities of some employers in the sector.

PENGASSAN, in a released statement, complained about anti-labour activities, unjust delay in the passage of the Petroleum Industry Bill (PIB) and retardation of staff promotion in the Petroleum Technology Development Fund (PTDF). Marketers have resorted to hoarding petrol and motorists have begun engaging in panic buying.

According to residents in Lagos, a drive from Ikeja through Ojota towards Ikorodu Road showed long queues for fuel at few fillings stations that were dispensing the product.

According to news sources, some filling stations were selling petrol only to black marketers who in turn sold to motorists at N110 per litre, while others sold the product at N110 to motorists despite N97 per litre was still displayed on the fuel pump at the filling stations.

“All the filling stations around here were selling fuel this morning but now they have stopped selling fuel and we continue to wonder what suddenly happened to their stock between this morning and now,” a motorist said.

“Why must there be fuel scarcity anytime that we are approaching the festive period? We learnt that the NNPC has done what it is supposed to do and as a result, there is fuel in stock everywhere.

But the question is why these oil workers picked this time for their strike must is a big puzzle? I think that something is wrong somewhere,” he said.