The Nigerian National Petroleum Company Limited (NNPC) has vowed to end the queues for Premium Motor Spirit, popularly called petrol, by Wednesday, as the black market for PMS boomed on Sunday.

NNPC also declared that it did not owe international oil traders $6.8bn as claimed in some quarters, a development which some industry watchers described as a major reason for the widespread PMS scarcity in Nigeria.

Despite the national oil firm’s assurance that the queues for petrol would clear this week, oil marketers said on Sunday that the loading of products at depots had yet to improve.

Black marketers of petrol who sold the commodity in jerrycans took advantage of the situation, as they dispensed PMS for as high as N1,200 to N1,500/litre, depending on the area of purchase.

This came as the sole importer of the commodity (NNPC) blamed the petrol scarcity on evacuation challenges at PMS vessels.

NNPC is Nigeria’s only importer of petrol. Other dealers stopped importing the commodity due to their inability to access forex required for petrol imports.

The Chief Corporate Communications Officer of NNPC, Olufemi Soneye, disclosed that the oil firm was working hard to tackle the fuel supply challenges, stressing that the queues should clear by mid-week.

“It’s just an evacuation challenge out of Apapa (ports in Lagos) from the vessel. But we are working on it. It should be resolved. I’m very sure that fuel scarcity will be cleared out by Wednesday,” Soneye stated on Sunday.

He later issued a press statement on the matter, saying, “The NNPC Ltd regrets the tightness in fuel supply witnessed in some parts of Lagos and the FCT (Federal Capital Territory), which is as a result of distribution challenges.

“The company further urges motorists to shun panic buying as it is working round the clock with relevant stakeholders to restore normalcy.”