The current ex-depot price of premium motor spirit (PMS), will be maintained until the end of negotiations with organised labour according to the Nigeria National Petroleum Cooperation (NNPC).
Kennie Obateru, group general manager, group public affairs division of NNPC, disclosed this in a statement on Friday.
He indicated that NNPC will continue to bear the burden of petrol subsidy as the current price will be maintained at N162 until ongoing engagement with the organized labour is concluded.
Obateru said the NNPC has no plan to preempt ongoing engagement with labour by unilaterally increasing the ex-depot price of petrol.
Obateru said the NNPC has made arrangements for robust stock of petroleum products in all its strategic depots across the country to keep the nation well supplied at all times.
He urged petroleum products, marketers, to desist from arbitrary price increase or hoarding of petrol.
The spokesman also warned against panic buying, stressing that NNPC was committed to ensuring energy security.
In a similar vein, Timipre Sylva, minister of state for petroleum resources had in February cautioned Nigerians about the pains of increased petrol pump price as crude oil prices climb above $60 per barrel.
The increase in the price of crude oil bodes well for the Nigerian economy as this will boost the county’s revenue needed for the implementation of the 2021 budget, improve crude oil receipts and consequently bolster foreign exchange inflows.
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