No Plans To Hike Fuel Price, NNPC Has Enough Product To Serve 34 Days- NMDPRA

The Nigerian Midstream and Downstream Petroleum Regulatory Authority said there are no plans to increase fuel prices considering the harsh conditions faced by Nigerians.

The Authority said the Nigerian National Petroleum Company Ltd has imported sufficient quantity of fuel to last the country for 34 days.

The period covers the time frame for the 2023 general election which will hold on February 25.

This was contained in a release by the NMDPRA titled ‘Price and Supply of Premium Motor Spirit ‘ on Friday.

The advisory addressed speculations on the price and availability of PMS as queues have resurfaced across the country.

Petroleum marketers have been named as parties fueling the scarcity of petroleum product in the country with the aim to influence prices.

Last week, the NNPC Ltdand the NMDPRA began manhunt for oil marketers that are hoarding petroleum products to cause scarcity.

The NMPDRA had reportedly approved the upward review of price of fuel by N10.

This would push the price of Premium Motor Spiritual from the current range of between N175 and N180 per liter to about N185 and N190 per liter.

The NMPDRA said, “The Authority wishes to inform the public that the Federal Government has no intention of increasing the price of PMS during this period.

“The Nigerian National Petroleum Company Limited (NNPCL) has imported PMS with current stock levels sufficient for 34 days.

“Consequently, Marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding.

“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide especially during this holiday season.”

The advisory is also coming two days after the Presidential candidate of the All Progressives Congress, Bola Tinubu, accused the Muhammadu Buhari-led government of sabotaging his presidential ambition with fuel scarcity and the naira redesign.