The Nigerian National Petroleum Corporation (NNPC) has ruled out its plan to increase the price of Premium Motor Spirit (PMS) which is also known as Petrol, and assured organised labour and Nigerians that there would be no fuel scarcity in the country.

Dr Kennie Obateru, spokesman to the corporation gave the assurance in a statement he signed on Thursday in Abuja.

He said “In spite of the rise in the price of crude oil in the international market, NNPC has ruled out any increment in the ex-depot price of PMS in February 2021.”

The News Agency of Nigeria (NAN) reports that ex-depot price is the price at which oil marketers buy products from the depot.

The price determines the price at which they sell to motorists at their various petrol stations.

The spokesman further explained that the decision was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose the ordinary Nigerian to any hardship.

He urged petroleum products, marketers, not to engage in the hoarding of PMS in order not to create artificial scarcity and unnecessary hardship for Nigerians.

He further gave the assurance that the corporation had enough stockpile of petrol to keep the nation well supplied for about 40 days.

Obateru 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.