The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says the Federal Government has advised Nigerians against panic purchase of increasingPremium Motor Spirit (PMS) as there is no plan to increase price this festive period.
The General Manager, Corporate Communications, NMDPRA, Kimchi Apollo said this through an advisory after speculations the price of petrol is about to shoot up.
He said the Nigerian National Petroleum Corporation Limited (NNPCL) had 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 Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season,” he said.
At the moment, the pump price of PMS is being sold currently between N178 and N180 per litre inside Abuja city centre while the outskirt retail stations dispense fuel between N200 to N250 per litre.
Fuel scarcity, hoarding and unofficial price increase has almost become a tradition during festive seasons in Nigeria, like Christmas, thus Nigerians take it upon themselves to restock to avoid problems with transportation.
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