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NNPC: No plans to increase depot price of petrol in February

NNPC: No plans to increase depot price of petrol in February
February 18
10:28 2021

The Nigerian National Petroleum Corporation (NNPC) says it has no plans to increase the ex-depot price of premium motor spirit, better known as petrol, in February.

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This is according to a statement signed by Kennie Obateru, the group general manager of NNPC public affairs division, on Wednesday.

The ex-depot price, which is the price at which depot owners sell the product to retailers, is fixed by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC.

TheCable had reported that analysts and market watchers were anticipating an increase in the retail price of petrol in fuel stations across Nigeria, due to the rising price of crude oil in the global market.

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In March 2020, the federal government introduced a price modulation policy where international crude oil prices and landing cost in Nigeria are used to determine the retail price of petrol.

Obateru explained that the decision to suspend fuel price review was to allow ongoing engagements with organised labour and other stakeholders on an acceptable pricing framework to be concluded.

The corporation allayed fears of fuel scarcity, saying that it has enough stock of petrol to keep the country well supplied for over a month.

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“NNPC urged petroleum products marketers not to engage in hoarding of premium motor spirit (petrol) in order not to create artificial scarcity and unnecessary hardship for Nigerians while giving assurance that it has enough stock of petrol to keep the nation well supplied for about 40 days,” the statement read.

The corporation called on relevant regulatory authorities to step up monitoring of the activities of marketers and sanction those involved in products hoarding or arbitrary increase of pump price.

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