No Plan to Increase Pump Price of Petrol, Says FG…Cautions on Hoarding, Panic Buying

Posted by African Examiner Featured, Latest Headlines, News Thursday, January 2nd, 2014

The Federal Government has assured Nigerians that it has no plan to increase the pump price of Premium Motor Spirit popularly known as petrol from the prevailing pump price of N97 per liter.

In a Press Release signed by Mr. Danladi Kifasi, Permanent Secretary, Federal Ministry of Petroleum Resources, the Government dismissed growing fears in some quarters about an impending price hike describing it as unfounded.

“We would like to appeal to Oil Marketers to refrain from 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.

The Permanent Secretary 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,’’ Kifasi stated .

Mr. Kifasi assured that the NNPC and its downstream flagship company, the Pipelines and Products Marketing Company (PPMC) have 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 practice in the last three years.