The Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in the month of March.
The clarification by the Corporation followed speculations of an imminent increase in the price of Premium Motor Spirit also known as Petrol in the country.
The development has sparked off panic buying from motorists with some filling stations being accused of taking advantage of it to hoard the product to create artificial scarcity.
However, in a press release by its Group General Manager, Group Public Affairs Division, Dr Kennie Obateru on Sunday night, the NNPCsaid it was not contemplating any increase in the price of petrol in March in order not to jeopardise ongoing engagements with organised 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 an 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.
The statement 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.
