The Nigerian National Petroleum Corporation Ltd. (NNPC) has assured the public that the Company has sufficient stock of petrol to meet the needs of Nigerians.

Garba Muhammad, Group General Manager, Group Public Affairs Division of NNPC, gave the assurance in a statement on Wednesday.

Mr Muhammad, therefore, advised the public not to engage in panic buying of petrol and to ignore all rumours that may suggest otherwise.

“In line with the existing laws of the land, NNPC Ltd. is deeply committed to ensuring energy security for the country,” the group general manager said. 

On Tuesday, President Muhammdu Buhari approved an 18-month suspension of the planned removal of subsidy on Premium Motor Spirit (PMS) products.

Petroleum minister Timipre Sylva disclosed this at a media briefing organised by the office of the Special Adviser to the President on Media and Publicity, Femi Adesina, in Abuja.

“We don’t intend to remove the subsidy now. That is why we are making this announcement,” Mr Sylva, who had earlier met behind closed doors with the president, said. “We are proposing an 18-month extension. But what the National Assembly is going to approve is up to them.”

According to Mr Sylva, arrangements have reached an advanced stage by the executive arm of government to propose to the National Assembly an 18-month extension to implement the Petroleum Industry Act (PIA) that was meant to kick-start in February.

“We also see the legal implication. There is a six-month provision in the PIA, which will expire in February, and that is why we are coming out to say that before the expiration of this time, as I said earlier, we will engage the legislature,” the minister explained. “We believe that this will go to the legislature; we are applying for amendment of the law so that we will still be within the law.”

On the possibility of a gradual increase in petrol price, the minister dismissed such plans, saying “that is not on the table as well. Gradual or increment in whatever guise is not on the table.

(NAN)