NNPC assures consumers no increase in fuel price February

*The Nigerian National Petroleum Corporation says no increment of the ex-depot price of petrol February 2021, urging the relevant regulatory authorities to monitor petroleum marketers’ activities towards sanctioning products hoarding, or arbitrary increase of pump price

Emmanuel Akosile | ConsumerConnect

Despite the increase in the price of crude oil in the international market, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) February 2021.

Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of the NNPC, disclosed this development in a statement issued Thursday, February 17, 2021, in Abuja, FCT.

The statement explained that the decision was to allow conclusion of the ongoing engagements with the Organised Labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

The state oil firm urged petroleum products marketers not to engage in hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for consumers.

The Corporation also gave an assurance that it has enough stock of petrol to keep the nation well-supplied for about 40 days.

The NNPC 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.

It is recalled that Nigeria’s downstream sector was deregulated March 2020, when Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources, stated that the prices of petroleum products would be determined my prevailing market forces in the country.