Home / NEWS / Yuletide: Baru Assures of Zero Fuel Scarcity
NNPC Says It Can Account for Every Barrel of Oil Sold in Nigeria

Yuletide: Baru Assures of Zero Fuel Scarcity

By Gom Mirian, Abuja

The Group Managing Director of Nigerian National Petroleum Corperation, Dr. Maikanti Baru, has assured Nigerians of the corporation’s preparedness to ensure zero-scarcity of petroleum products during the upcoming yuletide season and beyond.

Baru, who was represented by NNPC chief operating officer, downstream, Mr. Henry Obi, gave the assurance in his presentation to the National Assembly committee at the NNPC Headquarters in Abuja.

He lauded the committee for its support during the last fuel supply hiccups that occurred in the country from November 2017 to the early part of 2018.

Earlier, the chairman, House Committee on Petroleum (Downstream), Hon. Joseph Akinlaja, commended the corporation on the strategies deployed so far, to make petroleum products available to Nigerians throughout the end of year festivities and beyond.

Akinlaja however, expressed confidence that the elaborate measures put in place by the corporation to avert fuel supply shortage, would be successful this year, going by the painstaking efforts that went into the planning and execution of the zero-fuel scarcity strategy.

Speaking on the threat by major independent petroleum products marketers to ground the sector, due to unpaid subsidy arrears, the committee chairman appealed to the federal government to do everything within its powers to pay up the arrears to forestall any crisis.

He further stated that there is the need to support NNPC to sustain petroleum products supply, that the corporation was overburdened and because of that, when it runs into hiccups, people will describe the operations as opaque.

The committee also expressed satisfaction with the improvement on the integrity of the pipelines and urging the NNPC to expedite action on the remaining ones, especially those linking the Ore depot from Benin city and to the Ibadan depot.

The lawmaker disclosed that adequate measures have been deployed to avert any form of supply challenge, stressing that even if NNPC were to stop importing fuel as from today, there was enough stock of Premium Motor Spirit (PMS) in the country, to last for 45 days.

On his part, Managing Director of the Petroleum Products Marketing Company Limited (PPMC), Mr. Umar Ajiya, disclosed that the company has returned to profitability with a trading surplus of N32bn between January and November 2018.

The other downstream subsidiaries that made presentations were NNPC Retail Limited, Nigerian Pipelines and Storage Company (NPSC) and NNPC Shipping.

One of the downstream subsidiaries of the Nigerian National Petroleum Corporation, the Petroleum Products Marketing Company limited (PPMC) has returned to profitability and has recorded N32bn profit between January to November, 2018.

The PPMC boss also stated that as part of the zero-scarcity strategy, the company has over 170 million litres of PMS in stock at some NNPC depots across the country following their successful rehabilitation along with connecting pipelines to forestall dependence on private sector depots.

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