No plan to increase petrol price in March: NNPC

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The Nigerian National Petroleum Corporation has advised motorists to stop panic buying of petrol, insisting it has no plan to increase the ex-depot price in March.

NNPC disclosed this in a statement by its spokesman, Kennie Obateru, in Abuja on Sunday.

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.

“Contrary to speculations of an 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.

“The corporation was not contemplating any rise in the price of petrol in March in order not to jeopardise ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship,” he said.

Most fuel stations in the Federal Capital Territory are currently not selling the product, while queues are seen in few stations dispensing to motorists.

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Mr. Obateru also cautioned petroleum products marketers not to engage in an arbitrary price increase or hoarding of petrol to create artificial scarcity and unnecessary hardship for Nigerians.

He added that the corporation had enough petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.

He further called on relevant regulatory authorities to monitor marketers’ activities to sanction those involved in product hoarding or arbitrary increase of pump price.

©NAN