The Federal Government has explained the reason behind the panic buying of petrol in some parts of Lagos and Abuja.
Responding to the resurgence of fuel queues in Lagos and Abuja, the CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Agency, Mr. Farouk Ahmed said methanol quantity above Nigeria’s specification was discovered in a supply chain, which has since been isolated.
Mr Ahmed said while the quality control agencies of the government have swung into action, NNPC Limited and oil marketers have been directed to ensure a robust supply of petroleum products.
“Methanol is a regular additive in petrol and is usually blended to acceptable quantity,” Mr Ahmed said at a press briefing in Abuja.
“To ensure vehicular and equipment safety, the limited quantity of the impacted product has been isolated from the market, including those loaded in trucks.
“Our technical team, in conjunction with NNPC and other industry stakeholders will continue to monitor and ensure quality products are adequately supplied and distributed nationwide. So there is no need to panic.
“The sole supplier has been identified and further commercial and appropriate actions shall be taken by the authorities and the NNPC.
“The NNPC Limited and all marketing companies have been directed to sustain sufficient distribution of petrol products in all retail outlets nationwide to avoid any scarcity.
“Meanwhile, the NNPC has intensified efforts at increasing the supply of petroleum products in the market in order to bridge any unforeseen supply gap.”