Kachikwu told journalists in Abuja that regulatory agencies like the Department of Petroleum Resources and the Petroleum Products Pricing Regulatory Agency had commenced stricter monitoring of the supply and distribution of Premium Motor Spirit by oil dealers.
He said four vessels laden with petroleum products would berth "in a few days and a total of 20 cargoes are also expected with petroleum products".
The Corporation also noted that its downstream subsidiary companies namely the Petroleum Products Marketing Company (PPMC) and NNPC Retail Limited are fully geared up to ensure that motorists enjoy uninterrupted access to petrol throughout the nation during the yuletide period and beyond.
The federal government on Thursday reacted to fuel queues noticed in major cities across the country, denying reports that there was fuel scarcity in the country. Other states to be fed with large quantity of the product, apart from Lagos, include Abuja, Kano, Sokoto axis and the North-east.
In a statement he issues Tuesday, Mr Ughamadu admitted that there were fuel supply and distribution challenges witnessed in some parts of the country due to panic buying.
Government's explanation is coming on the heels of recent accusation by Alhaji Balogun Alanamu, Chairman of Lagos Zone of Independent Petroleum Marketers Association of Nigeria (IPMAN), who said that the NNPC management should be blamed for the ongoing fuel queues across the country.
Speaking of the long term strategy being deployed, Kachikwu said the emphasis would be on the revamp and upgrade of the country's refineries, noting that efforts are on to ensure that the process for the award of the contracts for the refineries are concluded before the end of the year, while work on them commences in earnest January next year.
According to IPMAN, the private deports, belonging to Major Oil Marketers' Association of Nigeria (MOMAN) were supplying IPMAN members above the regulated pump price. "We have said times without number that NNPC has sufficient products to cater for the needs of all consumers", Baru stated.