The Nigerian National Petroleum Corporation (NNPC) has denied reports of plans to increase the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, in March 2021.
This was made known in a statement signed by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru on Sunday.
Obateru stated revealed that the corporation has in fact ruled out any increment in the price in March and this is in a bid 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.
In the statement, NNPC also issued warning to petroleum products marketers against engaging in arbitrary price increases or hoarding petrol, so as to avoid artificial scarcity and undue hardship for Nigerians adding that the country has enough stock of petrol to keep the nation well supplied for over 40 days.
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 the pump price.