Following Nigerians’ anxiety about a possible increase in petrol price, the Nigerian National Petroleum Corporation (NNPC) has assured that there will be no price increase in March.
This was even as it warned against hoarding by marketers and panic buying.
The NNPC made the clarification in a statement issued by its spokesperson, Dr Kennie Obateru in Abuja.
It said: “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 NNPC said 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 further 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.
It maintained that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
To this end, It 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.
