NNPC assures consumers no fuel price increase in March, cautions against hoarding, panic buying

*The Nigerian National Petroleum Corporation has said it is not contemplating any raise in the price of petrol in March 2021, as it has enough stock of product to keep the economy well-supplied for over 40 days

Isola Moses | ConsumerConnect

Contrary to speculations of imminent increase in the price of petrol, otherwise known as Premium Motor Spirit (PMS) in the country, the Nigerian National Petroleum Corporation (NNPC) has said no increment in the ex-depot price of petrol March 2021.

Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of NNPC, in a statement Sunday, February 28, 2021, said that the Corporation was not contemplating any raise in the price of petrol in March.

The Corporation noted this measure was taken so as to not jeopardise ongoing engagements with the Organised Labour and other stakeholders for an acceptable framework that will not expose the ordinary Nigerian to any hardship.

The statement as well 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 Nigerian consumers.

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

The NNPC urged relevant regulatory authorities to improve the monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price in the country.