The Federal Government is meeting with operators in the midstream and downstream oil sector as part of measures towards developing strategic stock for Premium Motor Spirit, popularly called petrol, in key locations across the country.
It said the national strategic stocks would help in addressing the recurring fuel scarcity in Nigeria, as it also announced the constitution of a 14-man committee to find a lasting solution to the disruptions in the supply and distribution of petroleum products.
He said, “Section 181 of the PIA compels us to develop strategic stock. On the supply issues that we usually have, recall that a few weeks ago, there was flooding in Lokoja and Bayelsa, and supplies were impacted negatively. “On Friday, we had to go to Niger State, where three trucks fell across the Bida-Lapai and Agae road. We were there to make sure that those trucks were cleared. But with the strategic stock, most of that will be addressed.
“If you look at this third batch of draft regulations we are considering, there are eight of them and almost all of them speak to a particular aspect in the value chain,” he stated.
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