…cautions Nigerians against panic buying
Nigerian National Petroleum Corporation, NNPC, has ruled out the possibility of increasing fuel price before the end of March.
It also cautioned motorists to stop panic buying of Premium Motor Spirit (PMS).
The Corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru disclosed this in a statement he signed on Sunday.
Obateru said, “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 jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”
He also cautioned petroleum products’ marketers not to engage in an arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
He added that the corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
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.