By Michael Eboh

The Federal Government allayed fears over a disruption in petroleum products supply in Nigeria due to the spread of the Coronavirus, COVID-19, stating that in January 2020, 1.829 billion litres of Premium Motor Spirit, PMS, also known as petrol, was supplied across the country.

In a statement in Abuja, Executive Secretary of the Petroleum Products Pricing Regulatory Agency, PPPRA, Abdulkadir Saidu, also assured of products availability in the country, stating that the average PMS days sufficiency in January was 41.34 days; Automotive Gasoline Oil, AGO, 45.04 days; and Household Kerosene, HHK, 9.36 days.

He added that Aviation Turbine Kerosene, ATK and Low Pour Fuel Oil, LPFO were 53.73 and 33.75 days respectively.

According to Saidu, this assurance became necessary as the spread of the coronavirus raises fears of slowing global demand.

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He said, “The PPPRA January 2020 report on Oil and Gas sector operations showed that the national supply of PMS was 1.828 billion litres, while Automotive Gas Oil (AGO) and Aviation Turbine Kerosene (ATK) were 423.27 million litres and 96.70 million litres respectively.

“Furthermore, a similar report highlighting activities of the Agency for week 21st – 27th February, 2020 revealed that the average days Sufficiency stood at 42.28 days for PMS, AGO was 44.73 days while HHK was 20.36 days and ATK 36.22 days. During the week in view, the total volume of PMS and AGO discharged were 551.01 million litres and 84.84 million litres respectively.”

Saidu stated that constant monitoring of products supply and distribution by the PPPRA, as well as the entrenchment of responsive pricing policy through monitoring of trends in market fundamentals and updating pricing template contributed to product availability nationwide.

In addition, he maintained that sharp practices by some operators were greatly reduced as a result of vessel tracking, efficient scheduling and monitoring by PPPRA independent cargo surveyors and field operatives.

The PPPRA chief executive further stated that the agency also ensured that the NNPC and other marketers maintained strict compliance to approved guidelines for importation of petroleum products.

He reassured the public that the agency would continue to work with other relevant stakeholders towards maintaining efficient petroleum products supply in the country.

Also, he added that, “crude oil prices in January averaged $63.51, $64.06 and $58.29 per barrel for Brent, Bonny and WTI respectively, as against the December average prices of $67.02, $65.94 and $60.67 per barrel.

“Available data for week 4 of February 2020 indicated declines in the prices of Brent, Bonny and WTI, which averaged $57.17, $57.14 and $52.86 per barrel respectively.”

Vanguard News Nigeria.