According to industry data released on Tuesday, the Nigerian National Petroleum Company Limited’s stock of Premium Motor Spirit, also known as petrol, fell by 5,481,239 litres.
Despite a minor drop in PMS stock, long lines for petrol continued in Abuja, Nasarawa, Niger, and other northern states.
According to data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority on Tuesday, NNPC’s total PMS stock as of November 6, 2022 was 1,912,725,464 litres.
According to NMDPRA data as of November 7, 2022, this fell to 1,907,244,225 litres, a drop of 5,481,239 litres, with a total days’ sufficiency of 30.84.
For several years, NNPC has been Nigeria’s sole importer of gasoline. Other marketers halted petrol imports due to their inability to obtain foreign currency without difficulty.
Despite NMDPRA claims that there was more than 30 days’ supply, queues for petrol in many northern states remained long on Tuesday, with many filling stations closing due to a lack of products to dispense.
On Tuesday, Nigerianwatch exclusively reported that the cost of petrol at depots had risen to as much as N200/litre.
According to the report, private depot owners raised PMS prices, which were recently around N178 to N185/litre, due to a drop in supply by the NNPC, among other operational concerns.
According to the Independent Petroleum Marketers Association of Nigeria and the Petroleum Retail Outlet Owners Association of Nigeria, tankers are now spending more than a week waiting for petrol at depots.
This, they claimed, had resulted in empty filling stations across the country, causing chaos at some of the few outlets that dispensed petrol in Abuja, Nasarawa, Niger, and neighboring states.
Abubakar Maigandi, National Vice President of IPMAN, confirmed the NNPC supply cut and the increase in the ex-depot price of petrol at depots in Lagos and Warri, Delta State.