NNPC debunks March fuel price increase

…cautions against hoarding, panic buying

Regina Otokpa, Abuja

Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol), the Nigerian National Petroleum Corporation (NNPC) has said there were no such plans to increase the ex-depot price of petrol in March, 2021.
A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru on Sunday in Abuja, stated that the Corporation was not contemplating any raise 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.
While cautioning 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 urged motorists to avoid panic buying as there was enough stock of petrol to keep the nation well supplied for over 40 days.
Furthermore, the NNPC 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.


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