NNPC begins massive stockpiling of PMS to sustain price crash


A daily record of operations of the Nigerian National Petroleum Corporation (NNPC) has disclosed the corporation’s plans to sustain the petrol pump price crash it started last week with a healthy build-up of stocks, THISDAY reports.

The records from both the Petroleum Products Pricing Regulatory Agency (PPPRA) and NNPC’s Crude Oil Marketing Department (COMD), indicated that, currently, the corporation had accumulated 1.640 billion litres of petrol, enough to last the country up to 46 days of petrol consumption.

In addition to the existing stock level, the records also showed that 1.125.2 billion litres of petrol were being expected for delivery to the corporation between September 5 and 30, 2017, thus suggesting the country would have an additional 32-day product sufficiency going by its current 35 million litres daily consumption rate.

Last week, the NNPC disclosed its strategic intervention in the downstream petroleum sector of the country had resulted to some drop in the prices of petrol and Liquefied Petroleum Gas (LPG), also known as cooking gas, nationwide.