Scarcity: NNPCL Has 1.6bn Litres Of PMS, No Reason For Price Hike – NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has said that the Nigerian National Petroleum Company Limited (NNPCL) has in stock 1.6 billion litres of Premium Motor Spirit (PMS) popularly called petrol or fuel.

In a statement on Friday signed by the NMDPRA boss, Engineer Ahmed Farouk, he added that there is no reason for the current hike in price of PMS in the country.

According to him, the current distribution hitch is heightend by cross border hitch and smugglers who, he said, divert petrol meant for the Nigerian market to neighbouring countries.

Nigerians have been suffering from fuel scarcity and the attendant long queues at some petrol stations when petrol is available since October.

The pump price of petrol has gone up such that it is now sold between N300 and N600 in some petrol stations across the country.