FG DENIES PLANS TO INCREASE PUMP PRICE OF PETROL

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.