NNPC rules out petrol price increase in March, cautions against panic buying

The Nigerian National Petroleum Corporation (NNPC) has advised motorists to stop panic buying of Premium Motor Spirit (PMS) also known as petrol saying it has no plan to increase the ex-depot price in March.

The ex-depot price is fixed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, it’s the price at which depot owners sell the product to retailers.

“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,” a statement by NNPC’s spokesman, Kennie Obateru said.

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

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Obateru 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.

He further called on relevant regulatory authorities to step up monitoring of the activities of marketers to sanction those involved in products hoarding or arbitrary increase of pump price.

In February, the NNPC had also allayed fears over the possible increase in the price of petrol, amid concerns about the rising price of crude oil on the global market.