The Nigerian National Petroleum Corporation, NNPC has reacted to speculations making the rounds on possible fuel scarcity and plans of increasing fuel price from February.
NNPC Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, who reacted to the speculations, said there was no imminent upward review.
Obateru also allayed fears of the scarcity of the product by saying that NNPC has a stock of petrol that can last over 40 days.
However, he urged the Department of Petroleum Resources (DPR) to clamp down the marketers’ hoarding petrol.
According to him, the NNPC has not increased its ex-depot price, and the agency is not likely to increase its ex-depot price in February.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) urged the Federal Government to return subsidy to Premium Motor Spirit as landing cost has soared to N180 per litre.
IPMAN’s National Vice President, Alhaji Maiganidi asked the government to either deregulate the product fully or subsidise it.
In the meantime, the Major Oil Marketers of Nigeria (MOMAN) also denied an increment in petrol’s pump price.