…As long queues for petrol emerge in Abuja
DAVID JOSEPH
The Nigerian National Petroleum Corporation (NNPC) has allayed fears of any possible increase in pump price of premium motor spirit, otherwise called petrol in the month of March.
While long queues for petrol have emerged across the length and breadth of Abuja, Mr. Kennie Obateru, Spokesperson for the Corporation in a statement said: “Contrary to speculations of imminent increase in the price of petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March.
Obateru, explained that the Corporation was not contemplating any raise in the price of petrol in According, to Obateru, said there is likelihood of any envisaged increase in March so as not to jeopardize ongoing engagements with organized labour and other stakeholders.
NNPC has therefore 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 said the Corporation stated that 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.
In February, the Corporation had dispeled fears that it was going to increase its landing cost price.
Also, the same reason was adduced for the intervention: “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.”
