FG Accuses Marketers Of Hoarding, Says No Plan To Hike Petrol Price

Amid the biting fuel scarcity experienced across the nation, the Federal Government has cautioned petrol marketers to stop hoarding Premium Motor Spirit (PMS) popularly known as petrol.

The government, in a statement through the Nigerian Midstream And Downstream Petroleum Regulatory Authority (NMDPRA), also said there is no plan to increase the price of the indispensable commodity.

“The Authority wishes to inform the public that the Federal Government has no intention of increasing the price of PMS during this period,” the statement read.

“The Nigerian National Petroleum Company Limited (NNPC Ltd) has continued to import PMS with current stock levels sufficient for 34 days.

“Consequently, marketers are strongly advised to avoid hoarding of petroleum products, while the general public is advised to avoid panic buying. Marketers found hoarding petroleum products will be sanctioned appropriately.”

The authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide especially during the Yuletide season.

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For weeks, vehicle owners especially in Lagos and Abuja have had a tough time getting petrol from filling stations. Whilst many outlets are closed, the few ones that are open sell the indispensable commodity for as high as N250 per litre from the uniform price of N169/litre.

The shortage of supply has led to long, grueling snake-like queues at the few open filling stations as motorists and business owners jostle to buy fuel while others resort to black market. The situation has also worsen traffic on major roads as vehicle owners block at least one lane to join queues to filling stations.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said its members get the essential product for as high as over N200 per litre from private depot owners.