NNPC Says No Intention to Increase Petrol Prices

The Nigerian National Petroleum Corporation NNPC has said the corporation has no intention of increasing Premium Motor Spirit (PMS), also known as Petrol, in February.

The corporation that was speaking to Organised labor and Nigerians stated this in a statement signed by its spokesman Dr. Kennie Obateru in Abuja on Thursday.

He noted that “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.” B

The ex-depot price is the price at which oil marketers buy products from the depot. This price then determines what is being sold at various petrol stations.
Obateru clarified that the corporation’s decision follows the ongoing engagements with organized labor and other stakeholders on an acceptable framework that would not increase ordinary Nigerian hardship.

He urged petroleum products, marketers to desist from the hoarding of PMS to create artificial scarcity and unnecessary hardship for Nigerians.
He further revealed that the corporation had enough Petrol stockpile to keep the nation well supplied for about 40 days.

Obateru, who also called on relevant regulatory authorities, said there is a need to monitor marketers’ activities to sanction those involved in product hoarding or irregular increase of pump price.
It could be recalled that the Minister of State for Petroleum Resources, Timipre Sylva, had 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.