NNPC Rules Out Hike In Fuel Price In March, Maybe Next Month

Contrary to speculations of an imminent increase in the pump price of Premium Motor Spirit, popularly 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 March 2021.

A statement by the Group General Manager, Group Public Affairs Division, Kennie Obateru, the Corporation was not contemplating any hike in the price of petrol in March in order not to jeopardise ongoing engagements with organised 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 an 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.

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