[TODAY'S NEWS] Fuel scarcity: NNPC doubles supply, signs MoU on bio-fuels project

The Nigerian National Petroleum Corporation (NNPC), said it has doubled the daily supply of Premium Motor Spirit (PMS), otherwise called petrol, from 30million litres to 80million litres per day since the current hiccup in the supply chain was noticed a few days back.

Group Managing Director of the NNPC Dr. Maikanti Barud disclosed this shortly before the signing ceremony of a memorandum of Understanding (MoU) between the Corporation and the Benue State Government on the Agasha-Guma Bio-fuels Projects, in Abuja on Tuesday.

The GMD attributed the hiccups in the supply of PMS to rumours about purported planned increase in the price of petrol.

According to a statement by NNPC spokesman Ndu Ughamadu, the GMD stated that some marketers, in their quest to cash in on the situation, suddenly started hoarding products.

 “But we swiftly swung into action by doubling our supply nationwide. At the time the rumour started, we had about 30 day sufficiency. The normal daily supply to the nation is 700 trucks, equaling about 27-30m litres per day.

 He said that the NNPC has enough products sufficiency that will last up to 30 days.

 Dr. Baru said that at least a billion litre petrol laden cargoes were heading to Nigeria shores at the end of December which he noted would return the country to a 30-day-plus sufficiency.

While signing the MoU on the Bio-fuels Project with the Benue State Government, Baru said the project would provide employment for the teeming youths in the state.

 Earlier in his remarks, Deputy Governor of Benue State, Engr. Benson Abounu, pledged the support of the entire Benue citizens to the project, adding that various host communities for the project would give their 100% for its success.

 The Agasha-Guma bio-fuels project aims at developingIntegrated Sugarcane Plantation and Fuel-Ethanol/Sugar/Power Plant Complex in Benue State through a Special Purpose Vehicle (SPV).

 Expected to create one million direct and indirect jobs for Nigerians on completion, the project will also produce about 84 million litres of fuel ethanol annually.

NNPC plans to mobilize to Site by First Quarter of 2018.