The Federal Ministry of Petroleum Resources said on Thursday the government does not plan to increase the pump price of petrol, which is currently N97 per liter.
In a press statement signed by the Permanent Secretary, Danladi Kifasi, the Ministry described such fears were 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.
He also warned that the relevant agencies of the government, including the Department of Petroleum Resources and the Economic and Financial Crimes Commission, have been directed to deal with offenders.
Mr. Kifasi assured that the NNPC and its downstream flagship company, the Pipelines and Products Marketing Company have made enough arrangements to ensure that the entire nation has petroleum products throughout 2014 as it has done in the last three years.