The Nigerian National Petroleum Company (NNPC) has cautioned Nigerians not to engage in panic buying of petrol, saying it has enough product for the country.

The NNPC said this in a late Sunday statement by its Group General Manager, Group Public Affairs Division, Garba Deen Muhammad.

The corporation said the sudden appearance of fuel queues in parts of Abuja was due to low loadouts at depots, which usually happen during long public holidays.

It said it has over 2.5 billion litres of petrol in stock with a sufficiency of more than 43 days.

The response came amidst reports of a possible fuel shortage that has dominated the public space.

According to Muhammad, “The NNPC Ltd notes the sudden appearance of fuel queues in parts of Abuja."

“This is very likely due to low loadouts at depots which usually happen during long public holidays, in this case, the Sallah celebrations.

“Another contributing factor to the sudden appearances of queues is the increased fuel purchases which are also usual with returning residents of the FCT from the public holidays.

“NNPC and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in conjunction with our marketing partners have taken necessary measures to ramp up loadouts from all depots.

“We assure all residents of the FCT, and indeed all Nigerians, that we have ample local supplies and national stock in excess of 2.5 billion llitres with the sufficiency of more than 43 days.

“The NNPC Ltd hereby advises motorists not to engage in panic buying as supplies are adequate and will become increasingly evident in the coming days.”