Business and Economy

There is no petrol scarcity and no petrol price increase at this time – FGN

The federal government says there is no scarcity of petroleum products and equally no price increases in the commodities at this time and asked Nigerians to stop panic buying.

In a statement released on Wednesday, November 30th, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) said: “This advisory addresses speculations on the price and availability of Premium Motor Spirit (PMS). The Authority wishes to inform the general public that the federal government has no intention of increasing the price of PMS during this period. “NNPCL 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.”

It will be recalled that there has been long queues at filling stations in major cities with some retailers selling petrol at exorbitant prices leading to hike in transportation costs. The press release by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) comes as a relief.

However, the question remains as to why it took the Federal Government agency more than a week to clear the air.

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