Eko Hot Blog reports that the federal government of Nigeria says it has no intention of increasing the price of Premium Motor Spirit (PMS), popularly called petrol, at this time.
The government made the disclosure in an advisory issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on Wednesday.
Despite the denial, the agency refused to state any approved pump price for petrol. It also failed to condemn the hike in PMS price by marketers nationwide.
According to the NMDPRA, Nigeria has fuel supply stock that could last the country for 34 days.
The government, therefore, advised Nigerians to avoid panic buying without acknowledging that several people are struggling to buy fuel.
“This advisory addresses speculations on the price and availability of Premium Motor Spirit,” the advisory reads.
“The authority wishes to inform the general public that the Federal Government has no intention of increasing the price of PMS during this period. The Nigerian National Petroleum Corporation Limited has imported PMS with current stock levels sufficient for 34 days.
“Consequently, marketers and the general public are advised to avoid panic buying, diversion of products, and hoarding. In keeping with the authority’s responsibilities as outlined in the Petroleum Industry Act, the authority assures the public that it would continue to monitor the supply and distribution of all petroleum products nationwide especially during this holiday season.”
The NMDPRA’s advisory comes amid a worsening and persistent fuel scarcity, which spread further on Wednesday across the country. Also, the cost of the commodity rose to as high as N285/litre in some filling stations in Abuja.
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