NNPC Cautions Against Hoarding, Panic Buying, Says No Increase in Fuel Price in March

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The Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March, 2021 contrary to speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country.

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.

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 Street Reporters Newspaper had monitored filling stations in Nigeria’s federal capital territory, FCT, and found some petrol stations shut while others had unusual queues, which the online news portal attributed to panic buying and possible disagreement between the federal government and independent marketers of petroleum products.

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