The Nigerian National Petroleum Company (NNPC) has warned against panic buying of petroleum products across the country particularly the Petroleum Motor Spirit (PMS).
This is coming as private depots increased the price of Premium Motor Spirit (PMS) or petrol price to N157 per litre, from N148/litre in different parts of the nation.
While confirming the development, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Prince Billy Harry, who spoke to Tribune Online via telephone stated that the increase was effected over two weeks ago.
He said the depot management, however, was not able to give clear reasons for the increase
“Indeed the depots, private depots especially increased fuel price by a couple of Naira. It has been like that since the last two weeks.
“We have been in touch with the depot management and we are yet to have a clearly defined reason for the hike but it has not been intolerable that is why you still see our members still buying products but the reality that is going to face us shortly is that the PIA is already certain and petroleum pricing has always been impacted by a subsidy that we know is not helping this country in any way but it will still be something we will not see anymore.
“So in reality, in the coming future, petroleum product pricing will be determined by the forces of demand and supply,” he said.
But, he maintained that its members had maintained the current pump price of PMS.
Meanwhile, in a terse statement issued by the NNPC Spokesperson, Mr Garba Deen Muhammad, on Tuesday, the Company allayed fears on possible fuel scarcity.
It said there was sufficient stock to last the festive period and beyond.
“The NNPC Ltd hereby urges the general public not to engage in panic buying of petroleum products, as the Company has sufficient stock of the products that will last the festive period and beyond.
“The NNPC is also engaging all stakeholders to ensure smooth supply and distribution of products to every part of the country,” the statement read.
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