The Federal Government denied yesterday it planned to hike the pump price of petrol, despite the increase in price from N180 per litre to N235 by independent marketers.
The government in a statement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, insisted that the country had 34 days of sufficiency in stock, despite visible evidence of shortage across the country.
Checks around Osogbo, Osun state capital, yesterday, showed that most petrol stations were closed to motorists, while a few stations selling the product jerked up pump price to between N210 and N250 per litre.
NMDPRA stated: “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 agency assured the public that it would continue to monitor the supply and distribution of all petroleum products nationwide, especially during Yuletide.
