NNPC warns marketers against illegal hoarding of fuel
The Nigerian National Petroleum Corporation (NNPC) has stated that there is no intention to increase the price of Premium Motor Spirit (PMS) in February warning marketers to desist from illegal fuel hike.
The corporation stated this in a press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru.
He explained that the decision was to allow ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship, to be concluded.
NNPC urged petroleum marketers not to engage in the hoarding of Premium Motor Spirit (petrol) in order not to create artificial scarcity & unnecessary hardship for Nigerians while giving assurance that it has enough stock of petrol to keep the nation well supplied for about 40 days
Obateru further called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in product hoarding or arbitrary increase of pump price.
it would be recalled that the nation’s downstream sector was deregulated in March 2020 with the Minister of State for Petroleum Resources, Chief Timipre Sylva, stating that the prices of petroleum products would be determined by prevailing market forces.