…Cautions against Hoarding, Panic Buying
The Nigerian National Petroleum Corporation ( NNPC) has again allayed fears of a possible increase in pump price of Premium Motor Spirit ( Petrol) in the country in the month of March just as it did in the previous month.
In a statement to dispel such fears and concerns, the Corporation stated: “Contrary to speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March, 2021.
The press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, explained that 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.
NNPC also 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 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.
It will be recalled that a similar statement was issued by the Corporation saying that there wasn’t going to be any hike in the pump price for the month of February which just rolled by and indeed there was none.
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”.