No plan to hike petrol price – NMDPRA

Amid worsening scarcity and speculations about possible pump price increase of the Premium Motor Spirit (PMS) petrol, the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) has said the Federal Government has no intention to hike the price in the yuletide period.

It noted that the Nigerian National Petroleum Company Limited (NNPCL) has a stock of the product that could last 34 days.

While advising marketers to shun the diversion of the product, it urged consumers to desist from panic buying.

The Corporate Communications Department of the Authority made this known in a press statement.
The statement reads in part: “This advisory addresses speculations on the price and availability of Premium Motor Spirit (PMS).

“The Authority wishes to inform the general public that the Federal Government has no intention of increasing the price of PMS during this period.

“The Nigerian National Petroleum Corporation Limited (NNPCL) has imported PMS with current stock levels sufficient for 34 days.
Consequently, Marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding.

“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide especially during this holiday season.”

Only a few retail outlets sold the product in the Federal Capital Territory (FCT) yesterday.

There were long queues around the stations because they vended the petrol at N180 per litre.

Some consumers that resorted to panic buying from black marketers in Jerry can paid N4,000 per 10 litres.