AFRICA ( Commonwealth Union) _ The Nigerian National Petroleum Company (NNPC) Limited has reassured the public that they should not engage in panic buying due to potential changes in petrol prices. Mele Kyari, the Group Chief Executive Officer of NNPC, addressed the media on Monday and emphasized that the company is fully capable of ensuring an adequate supply of petroleum products, specifically premium motor spirit (PMS), also known as petrol.
Panic buying, a phenomenon characterized by sudden and excessive consumer demand for a particular product, often occurs in response to perceived or anticipated scarcity or price increases. In the context of gasoline, price fluctuations have been regarded as a potential trigger for panic buying.
However, Kyari assured Nigerians that there is no need for panic as the country has ample petrol supply. He urged people not to rush to fuel stations and buy more than necessary in response to potential price fluctuations. NNPC is closely monitoring all distribution networks and support facilities to ensure compliance and restore normalcy in the market.
In addition, Kyari expressed support for the removal of fuel subsidies, a policy announced by the President. He explained that NNPC has been using a significant portion of its cash flow to make subsidy payments, which has put a strain on the company’s resources. The decision to eliminate the subsidy will enable NNPC to operate as a truly commercial entity, freeing up resources for its continued operations and allowing it to fulfill its role in the country. Kyari welcomed the subsidy removal, considering it a positive development that aligns with NNPC’s vision and objectives.
Overall, NNPC is committed to providing a stable supply of petroleum products and ensuring the smooth functioning of the market. They encourage Nigerians to remain calm and avoid panic buying, as there is no imminent shortage of petrol. The company’s support for the fuel subsidy removal reflects its desire to operate efficiently and effectively, serving the country’s energy needs.
