NNPC rules out petrol price increase in February
The Nigerian National Petroleum Corporation (NNPC) has ruled out plans to increase the price of Premium Motor Spirit (PMS) also known as Petrol in the month of February despite rise in the price of crude oil in the international market.
The Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, in a statement explained that the price determines the price at which they sell to motorists at their various petrol stations
“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 said.
He said: “The decision was to allow ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship, to be concluded”.
He urged petroleum products, marketers, not to engage in the hoarding of PMS in order not to create artificial scarcity and unnecessary hardship for Nigerians.
He further gave the 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.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, in March 2020 announced that the nation’s downstream oil sector had been deregulated. With the announcement, the prices of petroleum products would be determined by prevailing market forces.
No Increase in Fuel Price in February – #NNPC
In spite of the rise in the price of crude oil in the international market, the #NNPC has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) in February, 2021.
— NNPC Group (@NNPCgroup) February 18, 2021