The Nigerian National Petroleum Corporation (NNPC) has warned motorists to stop panic buying of Premium Motor Spirit (PMS), also known as petrol.
The agency added that it has no plan to increase the ex-depot price of petrol in March, hence reports contrary to this are false.
Ex-depot price is the price at which depot owners sell products to marketers.
The NNPC disclosed this in a statement signed on Sunday by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru.
“Contrary to speculations of an imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March.
“The corporation was not contemplating any rise 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,” Obateru.
He 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 also stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and therefore, 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 the pump price.