Nigeria's state-run oil firm set to end oil shortage

Nigeria's national oil firm on Tuesday said solution is now in sight to the persistent fuel scarcity bedeviling Africa's major oil producer.

In a statement, the Nigerian National Petroleum Corporation said the oil shortage was not limited to arrears of subsidy payments to local oil marketers but further worsened by a huge catalog of issues and problems in the downstream sector.

"We wish to re-assure Nigerians that we are on top of the petroleum products supply and distribution situation and we remain committed to eliminating this endemic issue once and for all within the next few days," said the national oil firm.

Nigeria's oil minister Ibe Kachikwu, who doubles as group managing director of the national firm, is to appear before the Nigerian Senate on Tuesday to brief national lawmakers on the solutions in sight for the persistent fuel shortage.

The national oil firm said it has so far made progress in nationwide petroleum supply and distribution to all states and ensured product availability in the country.

It said the current supply to states is in excess of the normal consumption especially in the five major consuming cities of the country.

"Monitoring has been intensified to ensure full compliance with approved prices and violations of approved prices and hoarding of petroleum products now attract penalties," it added. Endit