The Nigerian National Petroleum Corporation (NNPC) has urged Nigerian to stop hoarding and panic buying of Petrol Products as it has no plans of increasing the ex-depot price of petrol in March, 2021,contrary to speculations of imminent increase.
The 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.
This was contained in a statement by NNPC, Group General Manager, Group Public Affairs Division, Kennie Obateru in Abuja on Sunday .
” 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.”
Obateru stated that 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.
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.
He added that the corporation has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
The NNPC 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.
Dr. Kennie Obateru
Group General Manager
Group Public Affairs Division
Nigerian National Petroleum Corporation
28th February, 2021.