The Nigerian National Petroleum Corporation (NNPC) has dismissed reports that there will be an increase in the ex-depot price of petrol, also known as premium motor spirit (PMS) in March, 2021.
NNPC chief spokesman, Dr. Kennie Obateru, stated that the corporation was not contemplating any raise in the price of the product (petrol) in March; in order not to jeopardize the ongoing engagements with organised labour and other stakeholders on acceptable framework that will not expose the ordinary Nigerian to any hardship.
The corporation (NNPC) 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.