NNPC rules out fuel price increase in February

The Nigerian National Petroleum Corporation (NNPC), on Thursday, ruled out the possibility of increment in the ex-depot price of Premium Motor Spirit (PMS) in February 2021.

It said this was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship, to be concluded.

This was contained in a statement issued and signed by the Group General Manager Group Public Affairs Division, Dr Kennie Obateru, in Abuja.

Despite the rise in crude oil prices in the international market, the Corporation explained that the decision was to urge petroleum products marketers not to engage in the hoarding of Premium Motor Spirit (petrol) in order not to create artificial scarcity and unnecessary hardship for Nigerians.

It assured that there is enough stock of petrol to keep the nation well supplied for about 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 pump price.

The Department of Petroleum Resources (DPR), had also, on Wednesday, warned depot owners against hoarding petroleum products in their facilities.

It said the warning became imperative following reports on the unwholesome activities of some depot owners who have created artificial scarcity by hoarding products in some parts of the country.

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NNPC rules out fuel price increase in February