The Federal Government of Nigeria, through the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Thursday warned the public to avoid panic buying; saying it currently has enough petroleum products in the country to meet demands.
The Director, Public Affairs Department, NMDPRA, George Ene-Ita, who made this disclosure through a statement issued on Thursday, also warned against hoarding of products, as the country approaches festive periods known for peak demands.
“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.
“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement read.
