Bad news travels at the speed of light; good news travels like molasses QUIRKY JOKE
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The Petroleum Product Price Regulatory Agency (PPPRA) has urged Nigerians to ignore recent rumors claiming that fuel queues may return to retail outlets over the 660 billion naira debt owed petroleum marketers by the Federal Government.
In a statement issued on Thursday, the PPPRA disclosed that Nigeria has months of Premium Motor Spirit (PMS) sufficiency. However, the state of indebtedness to private petroleum marketers was not directly addressed. The agency also reiterated that PMS was fully deregulated and urged Nigerians to avoid any form of panic-buying.
The statement reads as follows “The attention of Petroleum Products Pricing Regulatory Agency (PPPRA) management has been drawn to the news, stories and speculations in the media of an imminent fuel scarcity over Marketers’ unpaid 660bn naira debt and other sundry issues.
“The stories, under reference, claimed among others that ‘fuel queues may return to retail outlets across the country anytime soon, following the Federal Government’s inability to settle marketers’ 660bn naira debt’ and non-availability of foreign exchange (FOREX) to fund fuel imports.
“PPPRA wishes to state unequivocally, that these stories are gross misrepresentation of available facts at our disposal, hence misleading.
“For the avoidance of doubts, the National Petroleum Products Stock data and import plan currently indicates that the country has two (2) months Premium Motor Spirit (otherwise known as PMS) sufficiency.
“We also appeal to all depot owners to adhere strictly to the subsisting truck-out principle in order to ensure that products get to retail outlets across the country in a seamless manner.
“The Agency shall not hesitate to apply appropriate sanctions where necessary,” the statement further read.