The Nigerian National Petroleum Corporation (NNPC) announced on Sunday night that there will be no increment in the pump price of petrol in the month of March.
NNPC’s new stand is opposed to the assumption of likely price hike in the month following the increase in the price of crude oil in the international market.
Also, the Minister of State, Petroleum Resources, Chief Timipre Sylva warned that NNPC could not continue to relieve the additional cost in the pump price of petrol.
In expectation of the price hike, motorists have gathered around petrol stations in Abuja and its vicinities which led to long queues.
However, the NNPC in a statement by Dr Kennie Obateru, Group General Manager, Group Public Affairs Division, stated that it is not “contemplating any raise in the price of petrol in March in order not to jeopardise ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”
The statement read: “Contrary to speculations of an imminent increase in the price of Premium Motor Spirit (petrol) in the country, Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March, 2021.”
Dr Obateru also warned marketers of petroleum products not to take part in arbitrary price hike or hoarding of petrol in order not to create artificial scarcity and pointless hardship for Nigerians.
NNPC declared that it has sufficient stock of petrol to keep the country well supplied for more than 40 days and advised motorists to avoid panic buying.
The Corporation additional called on important regulatory authorities to step up monitoring the activities of marketers with a view to punishing those involved in arbitrary increase of pump price or products hoarding.
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