* Cautions against hoarding, panic buying
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 Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, assured that the Corporation is 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 hardship.
The corporation also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol, to avoid creating 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, urging 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.