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Amid panic buying, NNPC says no plans to increase fuel price

Amid panic buying, NNPC says no plans to increase fuel price

AS long queues resurfaced in the country on Tuesday, marketers have blamed the Nigerian National Petroleum Corporation (NNPC) for the scenarios.

Group General Manager, Group Public Affairs Division, NNPC, Ndu Ughamadu, who confirmed this in a statement yesterday, said the ex-depot price of N133.38 per litre and the pump price of N143/N145 per litre of Premium Motor Spirit (petrol) have not changed, hence there was no need for panic buying.

"For the umpteenth time, I wish to call on all Nigerians to stop panic buying".

"We urge DPR, NNPC and all other regulatory agencies saddled with monitoring of depot petroleum pricing to live to its responsibility by shutting down any private depot selling products above government approved prices".

Before leaving for London, Baru had directed that more truckload of petroleum products be dispatched to various parts of the country to cushion the effects of excessive demand caused by panic buying.

This according to him is because the Corporation has enough stock of fuel to ensure seamless supply and distribution of products across the country.

The independent marketers have earlier threatened to withdraw services of over 1,200 filling stations under its umbrella in Lagos and environs due to the price surge by depot owners, an allegation that was blatantly denied by the Depot and Petroleum Products Marketing Association of Nigeria (DAPPMAN).

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Queues piled up at for petrol stations on Tuesday in Nigeria's major cities, including Abuja, Lagos and Kano in spite of assurances of adequate supplies.The Nigeria National Petroleum Corporation (NNPC) had assured Nigerians of adequate fuel supply in all parts of the country and restated that there was no plan to increase the pump price of petrol.

Baru is expected to appear before the committee on Thursday.

Chairman of the committee, Senator Kabiru Marafa, stated this while briefing reporters after an investigative hearing on the issues.

He said members of the committee would be regrouped into sub-committees to make it possible for them to visit all the states.

It also resolved to commence a nationwide inspection of filling stations to get to the root of the scarcity ahead of Christmas and New Year's celebrations. We will also inspect tanks in filling stations to ensure that Nigerians are not taken advantage of, " Marafa added.

"There is an Executive Director in charge of Downstream who oversees the downstream generally".


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