The Nigerian National Petroleum Corporation (NNPC) has assured Nigerians and the Organised labour, that there will be no increase in the price of Premium Motor Spirit (PMS) also known as Petrol in the month February.
The NNPC in a statement signed by its spokesman Dr Kennie Obateru in Abuja, on Thursday, said, “In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February, 2021.”
He explained that the decision was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.
He urged petroleum products marketers not to engage in hoarding of PMS in order not to create artificial scarcity and unnecessary hardship for Nigerians.
He further gave assurance that the corporation had enough stockpile of petrol to keep the nation well supplied for about 40 days.
He also 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.
With the March, 2020 announcement of deregulation of oil downstream sector in Nigeria, the prices of petroleum products is to be determined by prevailing market forces.