The Nigerian National Petroleum Corporation (NNPC) has
cautioned motorists to stop panic buying of Premium Motor Spirit (PMS), also
known as petrol, saying it has no plan to increase the ex-depot price in March.
NNPC made this known in a statement by its spokesman, Dr
Kennie Obateru, in Abuja on Sunday.
Ex-depot price is the price at which depot owners sell
products to marketers.
The price determines how much marketers will sell to
motorists at their various fuel stations.
Obateru said, “Contrary to speculations of an imminent
increase in the price of PMS in the country, the NNPC has ruled out any
increment in the ex-depot price of petrol in March.
“The corporation was not contemplating any rise 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.”
He also cautioned petroleum products’ marketers not to
engage in an arbitrary price increase or hoarding of petrol in order not to
create artificial scarcity and unnecessary hardship for Nigerians.
He added that the corporation had enough stock of petrol to
keep the nation well supplied for over 40 days and urged motorists to avoid
panic buying.
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