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No Fuel Price Hike Now – NNPC Assures

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No Fuel price hike now in Nigeria

There will be no fuel price hike now in Nigeria, the Nigerian National Petroleum Corporation, NNPC assured organised labour and Nigerians on Thursday.

The assurance was against the background of hoarding by dealers and fears by Nigerians following the hike in the price of crude oil in the international markets.

The corporation gave the assurance in a statement  signed by its spokesman Dr. Kennie Obateru  in Abuja, on Thursday.

“In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February, 2021,” he said.

The News Agency of Nigeria (NAN) reports that ex-depot price is the price at which oil marketers buy products from depot.

The price determines the price at which they sell to motorists at their various petrol stations.

Obateru explained that the decision on no fuel price hike now in Nigeria was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.

He urged petroleum products marketers not to engage in hoarding of PMS in order not to create artificial scarcity and unnecessary hardship for Nigerians.

He further gave assurance that the corporation  had enough stockpile of petrol to keep the nation well supplied for about 40 days.

He also 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.

NAN reports that the Minister of State for Petroleum Resources, Chief Timipre Sylva, in March 2020 announced that the nation’s downstream oil sector had been deregulated paving way for the price of petrol in the country to be subjected to the vagaries of the international market.

With the announcement,  the prices of petroleum products would be determined by prevailing market forces.

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