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FG warns marketers against hoarding of petrol

**Says no plan to hike price

The Federal Government has warned oil marketers against hoarding petrol, saying there is no imminent plan to raise the pump price of Premium Motor Spirit (petrol).

A statement by the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDRA), Engr. Farouk Ahmed at the weekend urged consumers to avoid panic buying as there was enough petrol in stock.

Ahmed said: “It has come to the notice of the Authority that Premium Motor Spirit (PMS) popularly known as Petrol is being sold at loading depots of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) members above the official price which is caused by the erroneous insinuation of imminent increase in the price of the product.

“NMDRA is assuring the general public that the price of Petrol has not been changed and that the Federal Government has no intention of upward adjustment of the Price at the moment.

“The Authority wishes to inform the general Public to note that the country has adequate stock of Petroleum and the NNPC has further assured of sufficient supply of Product.

The CEO therefore cautions marketers against hoarding and engaging in unwholesome practices that are inimical to the smooth supply of Petroleum.

Engr. Ahmed also directed all operational offices of the Authority across the nation to ensure that all loading depots and retail outlets are dispensing petroleum at only the approved price. 

He urged motorists to desist from panic buying and report any erring marketer to the nearest office of the Authority.

Written by ExpressDay

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