Babajide Okeowo
The Nigerian National Petroleum Corporation (NNPC) has assured that there are no plans in the pipeline to increase the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, in March 2021.
Dr. Kennie Obateru, Group General Manager, Public Affairs Division of the NNPC disclosed this in a press release on Sunday, February 28, 2021.
To this effect, NNPC warned petroleum product marketers against engaging in arbitrary price increases or hoarding petrol, so as to avoid artificial scarcity and undue hardship for Nigerians.
“Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March 2021.
The Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardise ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
The NNPC also cautioned petroleum products, marketers, not to engage in an arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians” the statement from NNPC partly reads.
The statement further stated that the corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
It also called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.
