The Nigerian National Petroleum Corporation (NNPC) has issued a warning against panic buying, reassuring the public that there are no plans to raise the price of petrol.
In recent days, Nigerian motorists have been engaging in panic buying in response to rumors of an impending increase in the price of petrol. Presently, the price of petrol ranges from N570 to N660 per liter, varying by location within Nigeria.
NNPC has moved to quell concerns by affirming its commitment to maintaining the current price of Premium Motor Spirit (PMS), commonly known as petrol. In a statement released on Thursday, NNPC emphasized that there are no immediate plans to adjust the price upward.
The corporation urged Nigerians to dismiss unfounded rumors and reiterated the ample availability of petrol throughout the country. Motorists were advised against succumbing to panic buying, as NNPC assured that there is an adequate supply of PMS nationwide.
This assurance comes amidst a backdrop of heightened anxiety among motorists, sparked by reports of potential price hikes. There were earlier speculations this year regarding efforts by oil marketers to push petrol prices up to N1,200 per liter in a free market context, attributed to the depreciation of the naira against the dollar.