The Nigerian National Petroleum Corporation (NNPC) has assured organised labour and Nigerians that there will be no increase in the price of Premium Motor Spirit (PMS) also known as Petrol in the month of February.
The NNPC gave the assurance in a statement signed by its spokesman Dr Kennie Obateru in Abuja, on Wednesday, February 17.
“In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February 2021,” he said.
1st News reports that ex-depot price is the price at which oil marketers buy products from the depot.
The price determines the price at which they sell to motorists at their various petrol stations.
Obateru explained that the decision was to allow ongoing engagements with organised labour; as well as other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.
He urged petroleum products marketers not to engage in the hoarding of PMS; in order not to create artificial scarcity and also unnecessary hardship for Nigerians.
The NNPC spokesman further gave assurance that the corporation had enough stockpile of petrol; to keep the nation well supplied for about 40 days.
He also 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.
The Minister of State for Petroleum Resources, Chief Timipre Sylva, in March 2020 announced; that the nation’s downstream oil sector had been deregulated
With the announcement, the prices of petroleum products would be determined by prevailing market forces.
Meanwhile, the Nigeria Labour Congress (NLC) has called for a renewed commitment in the war against terrorism; banditry; kidnapping; and other vices in the country.
The NLC President, Mr Ayuba Wabba, made the call at the National Executive Council (NEC) meeting on Wednesday, February 17, in Abuja.
Wabba said that the incessant increase in the current state of insecurity in the country had become very worrisome.
He said that the union could not fold its hands and watch Nigerians engage themselves in ethnoreligious squabbles; also stressing that “the dangers are too significant to ignore.
“When the security situation in the country started getting out of hands, we called for a `rejig’ of the leadership of our national security apparatus.
“Now that we finally have new sets of service chiefs in play; we demand that the lapses of the old be identified and corrected,” he said.