No fuel price increase in March, says NNPC

The Nigerian National Petroleum Corporation (NNPC) has denied reports of any increment in the price of Premium Motor Spirit (petrol) in the country in March 2021. The NNPC disclosed this in a statement signed on Monday by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru.

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 the organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

The 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 also stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and therefore, 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 the pump price.