NNPC denies plans to increase PMS price, insists on adequate supply

The Nigerian National Petroleum Corporation (NNPC) has once again denied any plans to increase the price of Premium Motor Spirit (PMS), otherwise known as petrol and advised the public not to engage in panic buying of the product.

This was disclosed in a statement issued on Monday and signed by the Group General Manager, Group Public Affairs Division of NNPC, Garba Muhammad, in Abuja, assuring that the NNPC had over 1.7 billion litres of petrol in stock.

Muhammad said that more of the product is expected to arrive into the country daily over the coming weeks and months and as such dispelled any fear of scarcity of PMS throughout the festive season and beyond.

Muhammad said, “The NNPC is also not aware of any plan by the government to cause an increase in the pump price of petroleum. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has made that declaration last week. In view of these assurances, therefore, the NNPC is advising motorists and other consumers of petrol to maintain their regular pattern of the purchase of petrol without getting into a panic situation that may send the wrong signals around the country.’’

The NNPC spokesman also revealed that the state-owned oil firm is currently engaging all stakeholders to ensure a smooth supply and distribution of products to every part of the country during the festive season and beyond.

Recall that barely a week ago, the Group Managing Director of NNPC, Mele Kyari, had during an event, insisted that there are enough supplies of petroleum products in the country, allaying fears of any hitch in the distribution of these products.

The assurance from the NNPC boss follows media reports of fuel scarcity and the resurgence of queues in some parts of the country.

Nairametrics