The Nigerian Petroleum Corporation (NNPC) has said that it has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) in March 2021 and cautioned the public against panic buying and hoarding.
This was disclosed in a press release on Sunday by the NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru.
Obateru said that the Corporation was not considering a petrol price increase in March so that the ongoing engagements with organized labour and other stakeholders will not be jeopardized.
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“Contrary to speculations of 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 jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”
Petroleum products marketers were also cautioned not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
Obateru said that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
He 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.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.