The Nigerian National Petroleum Corporation (NNPC) has cautioned fuel marketers against engaging in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

NNPC, through its spokesman, Dr Kennie Obateru, issued the warning in a statement on Sunday in Abuja.

The corporation also denied reports that it plans to increase the ex-depot price in March and advised motorists to stop panic buying of Premium Motor Spirit (PMS) also known as petrol.

“Contrary to speculations of imminent increase in the price of PMS in the country, the NNPC has ruled out any increment in the ex-depot price of petrol in March.

Fuel Scarcity In FCT Not Caused By Shortage–IPMAN

“The corporation was not contemplating any rise in the price of petrol in March in order not to jeopardize ongoing engagements with organised labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.”

He added that corporation had enough stock of petrol to keep the nation well supplied for over 40 days.

“I urge relevant regulatory authorities to step up monitoring of the activities of fuel marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price,” Obateru said.