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Sunday, January 29, 2023

There Won’t Be Fuel Price Increase, NNPCL Has Enough In Stock

The Federal Government has assured that there’s no plan to increase the pump price of petrol during the Yuletide season, noting that the Nigerian National Petroleum Company Limited has enough in stock.

Following worries about poor fuel supply and hike in the price but suppliers, it regarded comments about the pending increase in price of PMS and its availability as speculative.

Reacting to the concerns around PMS price and its availability, in an advisory issued in Abuja on Wednesday, the NMDPRA said, “This advisory addresses speculations on the price and availability of Premium Motor Spirit.

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“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 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, 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.”

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