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NNPC debunks fuel price increment, warns against panic buying

There are no plans by the Nigerian National Petroleum Corporation (NNPC) to increase fuel in the month of March, an assurance given by the corporation to douse speculations of imminent increase in the price of petrol in the country.

NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, 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.

The corporation cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol to create artificial scarcity and unnecessary hardship for Nigerians.

NNPC in the release said 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.

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