The Nigerian National Petroleum Company (NNPC) Limited has attributed the ongoing petrol scarcity in several states to logistical challenges….READ FULL ARTICLE
According to Chief Corporate Communications Officer Olufemi Soneye, the situation is being addressed, and motorists are urged to avoid panic buying.
NNPC, the sole importer of petrol, assures that the country has adequate supply to meet demand.
Soneye stated, “The NNPC Ltd wishes to clarify that the tightness in the supply of Premium Motor Spirit currently being experienced in some areas across the country is a result of logistics issues…which have been resolved.”
“It also wishes to reiterate that the prices of petroleum products are not changing. It urges Nigerians to avoid panic buying, as there are sufficient products in the country.”
**Impact of Forex Crisis on Petrol Landing Cost**
Meanwhile, Nigeria’s foreign exchange crisis has led to a surge in the landing cost of imported petrol, surpassing N1,000 per liter.
Findings indicate that the cost has risen to N1,009 per liter in October 2023, up from N720 per liter when the black market exchange rate was N1,500 per dollar.
Analysts suggest that the government is subsidizing petrol to mitigate hardships for citizens.…READ FULL ARTICLE
