The Nigerian National Petroleum Company (NNPC) Limited has directed motorists to stop panic buying of Premium Motor Spirit (PMS), also known as petrol.

The national oil company made the call in a statement issued on Tuesday in Abuja by its Chief Corporate Communications Officer, Olufemi Soneye.

The NNPC stated that the nationwide supply and distribution of petrol has continued to improve, adding that queues in filling stations monitored across several states, including Lagos and the FCT have reduced.

The Company also stated that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

The statement reads: “As the nationwide supply and distribution of Premium Motor Spirit (PMS), also known as petrol, continue to improve, the Nigerian National Petroleum Company (NNPC) Limited has once again called on motorists to shun panic buying of the product.

“In filling stations monitored across several states, including Lagos and the FCT, the queues have since thinned out, a development that will keep improving daily in other States.

“The Company wishes to state that at the moment, it has over 1.5 billion litres stock of PMS, which is equivalent to over 30 days sufficiency.

“The NNPC Ltd. is also collaborating with relevant downstream agencies, such as the Nigeran Midstream & Downstream Petroleum Regulatory Authority (NMDPRA), labour unions in the sector and security operatives, to address hoarding and other unwholesome practices.”