The Nigerian National Petroleum Corporation (NNPC) has assured Organised Labour and Nigerians that there will be no increase in the price of Premium Motor Spirit (PMS) also known as Petrol in the month February.

Meanwhile, some marketers have begun adjust price to N170 per litre from between N161 and N165.

The NNPC which, however, gave the assurance in a statement signed by its spokesman Dr Kennie Obateru in Abuja, on Thursday, said it has ruled out price increases in February.

“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 .

Ex-depot price is the price at which oil marketers buy products from depot.

The price determines the price at which they sell to motorists at their various petrol stations.

Obateru 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.

NAN reported that 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.

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