NNPC says no plan to increase petrol price, cautions against panic buying

The Nigerian National Petroleum Corporation (NNPC) has advised motorists to stop panic buying of Premium Motor Spirit (PMS) also known as petrol saying it has no plan to increase the ex-depot price in March.

NNPC disclosed in a statement by its spokesman, Dr Kennie Obateru, in Abuja on Sunday.

It was reported that ex-depot price is the price at which depot owners sell products to marketers.

The price determines how much marketers will sell to motorists at their various fuel stations.

“Contrary to speculations of imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March.

“The corporation was not contemplating any rise in the price of petrol in March in order not to jeopardize ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship,” he said.

It was reported that most fuel stations in the Federal Capital Territory are currently not selling product while queues are seen in few that are dispenses to motorists.

Obateru also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

He added that corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.

He further 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.