The Nigerian National Petroleum Corporation (NNPC) says there are no plans to increase the ex-depot price of premium motor spirit, better know as petrol, within the next one month.
The ex-depot price is fixed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC — it’s the price at which depot owners sell the product to retailers.
In a statement issued on Sunday, Kennie Obateru, group general manager of the NNPC public affairs division, disclosed the corporation’s decision not to increase the ex-depot price.
He also urged marketers not to increase price or hoard petroleum products, as the country has enough in its stock to last for more than 40 days.
“Contrary to speculations of imminent increase in the price of Premium Motor Spirit (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,” the statement reads.
“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.”
Obateru added that the decision was taken “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”.
In February, the NNPC had also allayed fears over the possible increase in the price of petrol, amid concerns on the rising price of crude oil on the global market.