NNPC, petrol marketers allay fears as queues spread over looming price hike

The Nigerian National Petroleum Corporation (NNPC) has advised motorists to stop panic buying of Premium Motor Spirit (PMS) also known as petrol saying it has no plan to increase the ex-depot price in March as long fuel queues were recorded at some filling stations across the country.

NNPC disclosed in a statement  by its spokesman, Dr Kennie Obateru, in Abuja on Sunday.

The  ex-depot price is the price at which depot owners sell products  to marketers.

The price determines how much marketers will sell to motorists at their various fuel stations.

“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 corporation was not contemplating any rise in the price of petrol in March in order not to jeopardize ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship,” he said .

Obateru 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.

He added that corporation had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.

He 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.

Also, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised Nigerians to stop panic buying and stocking of Premium Motor Spirit, popularly known as petrol.

Alhaji Suleiman Yakubu, the National Public Relations Officer of IPMAN, gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

He decried the panic purchases and long queues witnessed in various filling stations across the nation’s federal capital.

Yakubu however said that crude oil price has gone up and it has affected the price products.

He assured Nigerians that normal supply of petroleum products would soon be restored since loading has commenced at various deports.

“We want to assure the buyers that government and marketers are doing everything possible to ensure that the products are available in every filling station within a few days starting from today,” said the IPMAN spokesman.

But some motorists who expressed disappointment over the development urged filling stations that have fuel to sell.

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