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 hike in the ex-depot price of petrol in March 2021.
The NNPC has also called on regulatory authorities to step up their game and sanction dealers the corporation claimed was causing unnecessary queues through hoarding of the product.
A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that 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 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.
GreenWhiteGreen GWG reports that on account of fears of an imminent hike in the price of petrol in March that many dealers in some sections of the country had been hoarding the product and where not, dispensing infractions causing long queues in the major cities.
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.
The fears of an increase in the price of the product follows past assertions by the authorities that the price of the petrol would be subjected to world market fluctuations following the claim that the downstream sector had been deregulated.
That assertion has, however, been challenged by the unions.