The Nigerian National Petroleum Company Limited (NNPCL) has said it has no plans to increase the price of Premium Motor Spirit (PMS), popularly known as fuel.
This is coming as long queues have been welcomed at pump stations across Nigeria in a bid to panic buy petrol.
The country’s petroleum regulator made the announcement through a statement by its Chief Corporate Communications Officer, Olufemi Soneye, on Thursday.
“NNPC Ltd. urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price.
“Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country.” The statement read.
Oil marketers voiced concerns that if the NNPCL does not provide the product to depot owners and other dealers, there may be a gasoline shortage.
They warned that if the NNPCL is unable to supply distributors with enough gasoline, the lengthy lines seen in gas stations and in some areas of Ogun State may eventually extend to other regions of the country.
Since Monday, long lines have reappeared at some gas stations in Lagos State, causing traffic jams in Ikeja and other areas as locals worried about a potential new gasoline shortage.