- The Nigerian National Petroleum Corporation (NNPC) has made it known that there will not be any petrol pump price hike in February, 2021
- A good number of Nigerians are already saying that the NNPC would hike pump price following rise in price of a barrel of Brent crude oil
In a Statement issued yesterday, the NNPC made it known that there will not be a rise in petrol pump price in February.
From the Statement, NNPC only mentioned the month of February, meaning there could be a hike as from March, 2021.
Presented below is the full Press Statement on fuel price increment or not.
No Increase in Fuel Price in February – #NNPC
In spite of the rise in the price of crude oil in the international market, the #NNPC has ruled out any increment in the ex-depot price of Premium Motor Spirit (petrol) in February, 2021.
This was disclosed in a press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru @kennieobateru.
The statement explained that the decision was to allow ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship, to be concluded.
NNPC urged petroleum marketers not to engage in hoarding of Premium Motor Spirit (petrol)in order not to create artificial scarcity & unnecessary hardship for Nigerians while giving assurance that it has enough stock of petrol to keep the nation well supplied for about 40 days.
It further 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.
It would be recalled that the nation’s downstream sector was deregulated in March 2020 with the Minister of State for Petroleum Resources, Chief Timipre Sylva, stating that the prices of petroleum products would be determined my prevailing market forces.
Dr. Kennie Obateru
Group General Manager
Group Public Affairs Division
Nigerian National Petroleum Corporation
NNPC Towers, Abuja.
17th February, 2021.