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No petrol price increase in March for now, says NNPC

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Contrary to speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) says it will not increase ex-depot price of petrol in March 2021 for now.

The corporation said any raise in the price of the commodity might jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.

A press statement by the Group General Manager, Group Public Affairs, Dr Kennie Obateru, cautioned petroleum products marketers against engaging in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

NNPC assured that it had enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.

It 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.

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