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FG dismisses petrol price hike as NNPC has 34 days stock

The federal government has dismissed rumours of a hike in the price of Premium Motor Spirit (PMS) at this time as it urged consumers of…

The federal government has dismissed rumours of a hike in the price of Premium Motor Spirit (PMS) at this time as it urged consumers of Premium Motor Spirit (PMS) to avoid panic buying.

In a statement on Wednesday, 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.”

It also stated that the Nigerian National Petroleum Company Ltd has imported more stock of petrol with 34-day sufficiency.

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“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.”

NMDPRA said it would continue to monitor the supply and distribution of all petroleum products nationwide, especially during this holiday season.