No increase in fuel price in March — NNPC
…Cautions against hoarding, panic buying
…As Marketers shut stations
By Ogaga Ariemu, Akinyemi Kehinde and Adeboye Faizat
Contrary to speculations of imminent increase in the price of Premium Motor Spirit (petrol) in the country, the Nigerian National Petroleum Corporation (NNPC) has ruled out any increment in the ex-depot price of petrol in March, 2021.
A press release by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, stated that the Corporation was not contemplating any raise in the price of petrol in March in order not to jeopardize ongoing engagements with organized labour and other stakeholders on an acceptable framework that will not expose the ordinary Nigerian to any hardship.
NNPC also cautioned petroleum products marketers not to engage in arbitrary price increase or hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.
The Corporation stated that it has enough stock of petrol to keep the nation well supplied for over 40 days and urged motorists to avoid panic buying.
It further 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.
However, most filling station were shut in Lagos, Ogun and long queues returned in Abuja over hoarding by marketers following fear of expected rise in fuel price.
The National Public Relations Officer of Independent Petroleum Marketers Association of Nigeria (IPMAN) Alhaji Suleiman Yakubu, on Sunday, gave the address on the hike on petroleum motor spirit (PMS) virtually.
He said although there is likelihood of a price increase, this is not fixated as prices are dependent on oil prices in the international market.
“There is enough fuel but the queues are due to apprehension on the part of consumers that there may be likely price increase.
“Some people are filling up their Jerry cans but I think there is nothing to be afraid of. We have enough products and because it is a deregulated market price is no more fixated.
“The month is ending and there are fears that there might be a price increase. This thing is not something that is fixated, crude prices can slump, it will transcend,” he said.
As of Friday and Sunday, queues were observed at Oando filling station, Northwest filling station at Abule Egba, NNPC and AP filling stations.
The scarcity of petroleum motor spirit (PMS), otherwise called fuel, hit Lagos State with a litre now sold between 185 to 200 naira. In our research, the development over the weekend in the state gathered that most of the filling stations within Sango-Ota were not open for business.
It was reliably gathered that apart from the NNPC mega station in Ogba only a few other independent filling were seen selling the products while long queues were also noticed there.
Speaking with a motorist who was on the queue to get the product condemned the attitude of the marketers. He called on the government across the board to rise up to the occasion and make the product available at the official rate for residents.
According to him, “The situation is getting out of hand with security issues and now fuel scarcity is being added to it.
“Imagine buying fuel that was supposed to go for 163 naira at 185 naira after spending several hours on the queue.”
Meanwhile, black marketers have taken over the sales of petroleum in the state with a four-litre gallon now sold between N1200 and N1500 depending on the bargaining power of the prospective buyers.
He added that some prospective customers were asked to come back later in the evening to get fuel their cars .
Speaking with a bike operator Mr Opeyemi Johnson said at Sango-Ota in Ogun State yesterday said that he had to sleep in the house since some stations could not open to sell the product to them, and said this is probably because some of the stations were hoarding the product.
A survey around the Federal Capital Territory(FCT), showed that queues are eminent in several filling stations in the Nation’s capital as a result of resurfaced long queues.
Our correspondent spoke with residents in FCT, discovered that PMS (Petrol Motor Spirit) popularly known as fuel is available, however, with long queues.
For instance, Mr Joseph Ochei, a resident in Lugbe, said there is only one filling station dispensing fuel along Airport road.
He stated that he was lucky to have met a filling station at the verge of re-opening their sales of petrol on returning home. He thereby took the opportunity to dash in to refill his tank. However, he disclosed that there was a long queue.
Similarly, Mr Aburime Ehimare who lived at Kuduru Axis in Abuja said, he was fortunate to get fuel at a filling station after Abacha Barrack along Nyanya express way with little queue.
On the other hand, Mr Murphy Agbogidi living in River Plate Estate along Airport Road noted that while returning from Church he only saw NIPCO filling station selling petrol with a very long queue.
Recall that a coalition of Civil Society Organisations (CSOs), recently, in Abuja expressed concern over possible return of scarcity of Premium Motor Spirit (PMS), otherwise called petrol, as intrigue grows over the deregulation of the petroleum industry.
The CSOs, which vehemently opposed the position of Labour unions, especially the Nigerian Labour Union and the Trade Union, noted that any attempt to reverse the deregulation of the downstream sector would send the economy into a coma and leave decades of economic woes.
With queues returning to some parts of the Federal Capital Territory, as fuel stations are already closing down, while black marketers are surfacing in some parts, the CSOs, led by the convener, Timothy Ademola, stressed that the market stabilisation witnessed in the past one year of deregulation, remained an indication that full deregulation is the way to go, if Nigerians would enjoy the benefits of their hydrocarbon wealth.
