The Federal Government has assured Nigerians that there is no plan to hike fuel in the country.
A government’s agency, the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) gave the assurance on Wednesday, amid worsening scarcity and speculations about possible pump price increase of the Premium Motor Spirit (PMS) petrol, saying the Federal Government has no intention to hike the price in the yuletide period.
It stressed that 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.
“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,” the statement reads in part.
Only a few retail outlets sold the product in the Federal Capital Territory (FCT) on Tuesday while long queues were seen 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 pay N4,000 per 10 litres. The black marketers have been making brisk business and smiling to the banks even as motorists spend hours unending waiting at the few filling stations selling the product to enable them to buy at the recommended price.