No plans to increase petrol price in Feb – NNPC

The Nigerian National Petroleum Corporation has insisted that there will be no increase in the price of petrol this month.

It stated this in a statement signed by its spokesman, Dr Kennie Obateru, which was made available to newsmen in Abuja on Thursday.

But some filling stations including major markets have started selling petrol at N170 to N171 per litre.

The statement said, “In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February, 2021.”

Obateru explained that the decision was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.

He urged petroleum products marketers not to engage in hoarding of fuel in order not to create artificial scarcity and unnecessary hardship for Nigerians.

He also said that the corporation had enough stockpile of petrol to keep the nation well supplied for about 40 days.

He also 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.

Minister of State for Petroleum Resources, Chief Timipre Sylva, had said that the nation’s downstream oil sector had been deregulated. He added that the prices of petroleum products would be determined by prevailing market forces.