The Management of the Nigerian National Petroleum Corporation have began to initiate ways to halt the petrol scarcity around the country. The corporation has said that they plan to import more than one billion litres of petrol in March to address the short supply of petrol.
But my question is, why can't they refine and produce petrol in Nigeria? With the way the exchange rate has escalated, would that not reflect badly on Nigerian's economy?
The Group Managing Director of NNPC, Joseph Dawha, in conjunction with the Chief Executive Officers of the NNPC subsidiaries, began detailed monitoring of fuel stations in Abuja.
Others in the exercise are the Executive Secretary of the Petroleum Products Pricing and Regulatory Agency (PPPRA), Farouk Ahmed, and the Managing Director of the Pipeline Products Marketing Company (PPMC), Haruna Momoh. Also in the team was the Director of Department of Petroleum Resources (DPR), George Osahon.
Dawha said that the exercise was to checkmate hoarding and panic buying of petrol, particularly in Abuja, Lagos, and other states.
The Director of DPR said the agency had measures to address hoarding and hiking of pump price above official price. He further stated that the agency would collaborate with the security agencies to force marketers to sell products at the regulated price.
Hopefully the scarcity issue will be solved soon.
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