The Nigerian National Petroleum Corporation has assured organised labour and Nigerians there will be no increase in petrol price in February.

The NNPC gave the assurance in a statement by its spokesman, Kennie Obateru in Abuja, on Thursday.

“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,” he said.

The 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.

Mr. Obateru explained that the decision was to allow ongoing engagements with organised labour and other stakeholders on an acceptable framework that would not expose Nigerians to any hardship.

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

He further assured that the NNPC had enough petrol stockpile that can last for at least one month.

The NNPC spokesman also called on relevant regulatory authorities to monitor marketers’ activities to sanction those involved in product hoarding or arbitrary increase of pump price.

The Minister of State for Petroleum Resources, Timipre Sylva, in March 2020 announced the deregulation of the downstream oil sector.

 With the announcement, the prices of petroleum products would be determined by prevailing market forces.