NNPC says no plan to increase petrol price, cautions against panic buying

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By Edith Ike-Eboh

The Nigerian National Petroleum Corporation (NNPC) has advised motorists to stop panic buying of Premium Motor Spirit (PMS) also known as petrol saying it has no plan to increase the ex-depot price in March.

NNPC disclosed in a statement  by its spokesman, Dr Kennie Obateru, in Abuja on Sunday.

The News Agency of Nigeria (NAN) reports that ex-depot price is the price at which depot owners sell products  to marketers.

The price determines how much marketers will sell to motorists at their various fuel stations.

“Contrary to speculations of 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 organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship,” he said .

NAN…



Source: News Agency of Nigeria