Rising crude price: NNPC rules out petrol price increase in February

“The decision not to increase the price was to allow for the conclusion of the ongoing engagements with the organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship”

The Nigerian National Petroleum Corporation (NNPC) says in spite of the rising price of crude in the international market it will not raise the ex-depot price of Premium Motor Spirit (petrol) in February, 2021.

NNPC said the decision not to increase the price was to allow for the conclusion of the ongoing engagements with the organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

Persecondnews recalls that the nation’s downstream sector was deregulated in March 2020 with the Minister of State for Petroleum Resources, Chief Timipre Sylva, saying the prices of petroleum products will henceforth be determined by prevailing market forces.

A statement by 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.

“We have enough stock of petrol to keep the nation well supplied for about 40 days,” the statement signed by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, and given to Persecondnews said.

NNPC 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 pump price.