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The Nigerian government has announced plans to penalize fuel marketers who are found to be hoarding or diverting Premium Motor Spirit.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority has stated that its officials are actively monitoring fuel depots across the country to prevent any hoarding or diversion of the product.
The Nigerian National Petroleum Company Limited has urged the public not to engage in panic buying, assuring that there is a stock of over 1.5 billion litres of PMS available for the next month.
Over the past two weeks, Nigeria has faced fuel scarcity, leading to a significant increase in petrol prices, with some filling stations selling at over N1,000 per litre, up from the previous average of N650.
Throughout this time, the NNPCL worked together with the NMDPRA to carry out extensive importing and distributing of the product in order to decrease queues and return to normal operations.
The NMDPRA reported that over 4,000 trucks distributed over 300 million liters of fuel to retail outlets in order to ensure availability for Nigerians.
By Tuesday, it was noticed that gas stations in Lagos, Ogun, Oyo, and other areas were now selling fuel with minimal or no lines.
