The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians that there is no plan to increase price of Premium Motor Spirit (PMS) otherwise called petrol in March, 2021.
NNPC disclosed this in a statement signed by its spokesman, Dr Kennie Obateru, in Abuja on Sunday.
According to him 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.
“Contrary to speculations of 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 statement reads.
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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.
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.
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
