Contrary to rumours making the rounds about imminent increase in the price of premium motor spirit, also known as petrol in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in the month of March, 2021.
The corporation made this clarification on Sunday through a statement issued by Dr. Kennie Obateru, who is its group general manager, group public affairs division.
He also explained that NNPC was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with the organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
The state oil company also cautioned petroleum product marketers against engaging in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
It further assured that it has stored enough stock of petrol to keep the nation well supplied for over 40 days, and further urged motorists to avoid panic buying.
The corporation also called on relevant regulatory authorities to step up monitoring of the activities of marketers, with a view to sanctioning those involved in product hoarding or arbitrary increase in the pump price of petrol.
