NNPC Rules Out Price Increase In March
…Cautions against Hoarding, Panic Buying
The Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March, 2021, contrary to speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country. The Corporation did not however give any assurances of an all year round price stability for the product.
Accordimg to a press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, the Corporation stated that it was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
It 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.
The Corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
It 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.
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