Federal Government Rules Out Petrol Price Adjustment In March

Yemisi Izuora

The Nigerian National Petroleum Corporation, NNPC, has warned Marketers and depot owners against illegal adjustment of petrol price and hoarding of products to create artificial scarcity.

The Corporation dismissed speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country, ruling out any increment in the ex-depot price of petrol in March, 2021.

Group General Manager, Group Public Affairs Division, Dr. Kennie 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.

 

The Corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.

 

It 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.

Add Comment