Relief For Nigerians As NNPC Says Fuel Will Remain N163 Per Litre In March

…Warns Against Hoarding, Panic Buying

Contrary to speculations of imminent increase in the price of Premium Motor Spirit in the country, the Nigerian National Petroleum Corporation has ruled out any increment in the ex-depot price of petrol in March, 2021.

A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that the Corporation was not contemplating any increase in the price of petrol in March.

The Corporation said the decision not to increase fuel price was taken 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.

Nigerians had during the weekend experienced fuel queues within the Federal Capital Territory as most filling stations failed to dispense the products.

The development led to anger and frustration among motorists who expressed deep concerns on what could be responsible for the fuel scarcity around the FCT.

A visit to some filling stations around the metropolis showed that while some stations are selling the product for as high as N165 to N170 per litre, some of them shut down completely as they were out of stock

But the NNPC in the statement 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.

The Corporation further 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.

ENDS