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NNPC Speaks On Petrol Price Increase In March

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NNPC Reveals When It Will Increase Petrol Price

The Nigerian National Petroleum Corporation (NNPC) says there are no plans to increase the ex-depot price of Premium Motor Spirit, better known as petrol, this month.

In a statement issued on Sunday, Group General Manager of the NNPC Public Affairs Division, Kennie Obateru, said the corporation’s decision not to increase the ex-depot price.

He also urged marketers not to increase prices or hoard petroleum products, as the country has enough in its stock to last for more than 40 days.

The statement reads: “Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March 2021.

“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.

“The Corporation stated that it has 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.

“In order not to jeopardise ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”

Naija News reports that the ex-depot price is fixed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC.

Ige Olugbenga is a fine-grained journalist. He loves the smell of a good lead and has a penchant for finding out something nobody else knows. Gbenga is an alumnus of the prestigious Adekunle Ajasin University, Ondo State and The Polytechnic, Ibadan.