By Deborah Hassan
As long fuel queues surface in Lagos, Abuja and other major cities, the Nigerian National Petroleum Corporation (NNPC) has cautioned Nigerians against panic buying, saying there will be no increase in fuel price in March.
This is just as the Corporation warned Petroleum products marketers against arbitrary increment in the pump price, as well as hoarding of the product.
A press release signed by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, on Sunday, February 28, stated that 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.
It explained further that the Corporation was not contemplating any raise 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.
It assured Nigerians that it had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
The NNPC 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.
Meanwhile, Nigerians were on Sunday frustrated by an ongoing fuel shortage in filling stations in major cities across the country, including Abuja, Lagos and Kaduna, leading to long queues by motorists.
There have been speculations of an impending increment in petroleum products, especially petrol, leading to panic buying.