The Nigerian National Petroleum Company Limited’s supply of Premium Engine Soul, famously called petroleum, plunged by 5,481,239 liters, as indicated by industry information delivered on Tuesday.

Although the drop in PMS stock was peripheral, lines for petroleum continued in Abuja, Nasarawa, Niger and a few other northern states.

Figures got from the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Tuesday indicated that the total PMS stock of NNPC as at November 6, 2022 was 1,912,725,464 litres.

This plunged to 1,907,244,225 liters on November 7, 2022, demonstrating a drop of 5,481,239 liters, while the complete days’ adequacy was 30.84, as per the NMDPRA information as at November 7

The report stated that PMS cost, which was about N178 to N185/litre recently, was jerked up by private depot owners due to the drop in supply by the NNPC, among other operational concerns.

Both the Independent Petroleum Marketers Association of Nigeria and the Petroleum Retail Outlet Owners Association of Nigeria had told our correspondent that tankers were now spending more than one week on queues for petrol at depots.

This, they said, had led to empty filling stations nationwide, a development that had caused chaos at some of the few outlets that dispensed petrol in Abuja, Nasarawa, Niger and neighbouring states.

The National Vice President, IPMAN, Abubakar Maigandi, confirmed the reduction in supply by NNPC and the hike in the ex-depot price of petrol at depots in Lagos and Warri, Delta State.

One thought on “Petroleum stock plunges by 5.48m liters, lines continue”

Leave a Reply

Your email address will not be published. Required fields are marked *

Reload Image