Owing to speculations floating across various channels, the Nigerian National Petroleum Corporation (NNPC) has allayed fears of an increment in the price of fuel this month of March.
This was disclosed by the corporation’s spokesperson Kennie Obateru in a statement.
“Contrary to speculations of imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March,” the statement read in part.
It added that an increment could impede ongoing arrangements with organised labour and stakeholders on a framework that will not expose Nigerians to more “hardship”.
The corporation also warned players in the oil business to desist from hoarding fuel in a bid to prevent an artificial scarcity of fuel.
It said, “The Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized 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.”
To further assure Nigerians, the regulatory body stated that there was enough stock of fuel for Nigerians to last 40 days.
It warned against panic buying over the perceived unavailability of fuel.
NNPC also urged relevant authorities to ensure that oil marketers that hoard fuel to create scarcity be sanctioned appropriately.