FG allays fears over increase in petrol price

The Federal Government has moved to allay fears over the rumoured possible increase in the pump price of petrol.

This rumour has led some marketers hoarding the product.

The  Permanent Secretary, Federal Ministry of Petroleum Resources, Mr Danladi Kifasi,  said this in a statement made available to the News Agency of Nigeria (NAN) in Abuja, that  government had no plan to increase the pump price of Premium Motor Spirit (PMS) from the prevailing price of N97 per litre.

The Permanent Secretary dismissed fears in some quarters about an impending price hike describing it as “unfounded“. “We would like to appeal to Oil Marketers to refrain from the hoarding of petroleum products and the general public from panic buying in anticipation of any increase in pump price.

“It is equally important to state that neither the Federal Ministry of Petroleum Resources nor any of its parastatal  is under any instruction to activate a new pump price regime as being speculated,' he said. Kifasi further warned petroleum product marketers to desist from creating any scarcity so as to induce panic in the system in order to exploit unsuspecting members of the public.

“The relevant agencies of government including the Department of Petroleum Resources (DPR) and the Economic and Financial Crimes Commission (EFCC) have been directed to deal with offenders,' he said. Kifasi assured that the government had made enough arrangements to ensure that the entire nation remains `wet` with petroleum products round the clock in 2014 just as it has been the practise in the last three years.