The Nigerian National Petroleum Corporation (NNPC) yesterday said it would convert the $144 million Premium Motor Spirit (PMS) or petrol foreign exchange (forex) intervention to Automative Gas Oil (AGO) or diesel.
This decision was part of its measures to sustain products supply stability across the country.
The NNPC, a statement yesterday, said it plans to obtain an AGO forex intervention to marketers as well as Depot and Petroleum Products Marketers Associations (DAPPMAN) from the Central Bank of Nigeria (CBN).
According to the statement, the decision was part of its elaborate measures to sustain supply of petrol, diesel and kerosene, nationwide.
These measures include: increasing the February supply of petrol by six additional cargoes to the existing national sufficiency of over 32 days; immediate importation of three additional diesel cargoes before the end of February; and an order for massive 250 trucks per day loading of diesel and kerosene from across the three NNPC refineries in Port Harcourt, Kaduna and Warri.
Acting NNPC Group Managing Director, Engr. Saidu Mohammed, who chaired an emergency meeting on the Corporation’s downstream operations where the measures were taken at the weekend in Abuja, said NNPC will transmit the full list of marketers involved in off-taking diesel and kerosene to the Department of State Services (DSS) for appropriate follow-up to forestall possibility of any stakeholders engaging in foul play.
The Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu in a statement yesterday, quoted Mohammed as saying that the move to provide additional petrol cargoes of 37,000 tonnes each was to give further comfort and stability to the robust petrol sufficiency nationwide.
Other measures the NNPC has taken, apart from ramping up fuel supply nationwide, is an expansion of daily truck load-out of petrol, diesel and kerosene, even during weekends to ensure improved products delivery to the hinterland.
The Corporation will provide additional marine logistics, all geared toward improving products movements from offshore to land, to cater for additional petrol supply nationwide.
Mohammed charged downstream operators to immediately implement measures that would sustain adequate supply and distribution of petrol, diesel and kerosene to every nook and cranny of the country.
NNPC has also made efforts to pay the outstanding bill owed Duke Oil, its trading arm, for products importation, even as it has put in place modalities for transparent accounting practice.
NNPC has also developed a comprehensive and clear deadline for the completion of the Atlas Cove-Mosimi pipeline and commenced shipment of AGO to Calabar.
Motorists and other consumers of petroleum products across the country are enjoined not to engage in panic buying as NNPC has over 32 days sufficiency for petrol, and adequate volumes of diesel and kerosene to meet their demand
