The response came amidst reports of possible increase in the price of petrol that has dominated the public space.
The Nigerian National
Petroleum Corporation (NNPC) has said there will be no increase in the price of
petrol in the country in March, and has cautioned sellers and buyers against
hoarding and panic-buying.
The NNPC said this in
a statement by its Group General Manager, Group Public Affairs Division, Kennie
Obateru, on Sunday via its verified Twitter handle.
The response came
amidst reports of possible increase in the price of petrol that has dominated
the public space.
Queues resurfaced in
many cities weekend as residents besieged fuel stations in anticipation of yet
another season of fuel scarcity.
On Sunday, PREMIUM
TIMES found that a number of petrol stations in Ojodu and Ikeja areas were
under lock and key. At Ojodu-Berger area, the NNPC retail outlet was shut
against motorists Sunday afternoon.
In Abuja, there were
queues at major fuel stations visited across the city.
On Sunday, a long
queue of both motorists and motorcyclists was observed at the NNPC filling
station along Airport Road, Lugbe, Abuja. While a litre of petrol was sold at
N162, the fuel station attendants refused to sell to individuals with gallons.
Similar reports were
received from other parts of the country.
According to the NNPC
statement, contrary to speculations of imminent increase in the price of petrol
in the country, there will be no increment in the ex-depot price of petrol in
March 2021.
The ex-depot price is
the price at which depot owners buy the product from the NNPC which is
virtually the sole importer of petrol into the country. It is fixed by the
Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC.
The NNPC statement
said “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.”
“NNPC also cautioned
petroleum product marketers not to engage in arbitrary price increase or
hoarding of petrol in order not to create artificial scarcity and unnecessary
hardship for Nigerians while giving assurance that it 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.
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