NNPC Says There’s No Plan To Increase Fuel Price, Warns Against Panic Buying
-The Nigerian National Petroleum Corporation (NNPC) has announced that it has no plans to increase fuel price in March
-The corporation has advised Nigerians to stop panic buying and hoarding petrol
-There have been long queues in filling stations as people try buying a large quantity of fuel amid speculations of a price increase
The Nigerian National Petroleum Corporation (NNPC) has told Nigerians to disregard information of an increase in the fuel price for March.
The corporation has announced that it has no plans to increase the ex-depot price of fuel, according to a statement by its spokesman, Dr. Kennie Obateru.
The ex-depot price is the price at which depot owners sell to marketers. It determines the price that marketers will sell to motorists in the country.
The corporation believes that an increase in the price of petrol will be counterproductive to the country’s commitment to preventing hardship.
Dr. Obateru also warned marketers (filling stations) against hoarding petrol to sell for a higher price later.
He added that NNPC has enough petrol to last Nigeria for more than 40 days and motorists don’t need to panic buy the product.
Finally, he called on the appropriate regulatory bodies to monitor marketers, ensuring that they stop hoarding and arbitrary price increase.