The Federal Government on Thursday said it had no plan to increase the pump price of Premium Motor Spirit from the current rate of N97 per litre.
The Permanent Secretary, Ministry of Petroleum Resources, Mr. Danladi Kifasi, dismissed growing fears in some quarters of an impending price hike, describing it as unfounded.
Kifasi, in a statement, said, “We will like to appeal to oil marketers to refrain from hoarding 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 parastatals is under any instruction to activate a new pump price regime as being speculated.”
The permanent secretary further warned petroleum product marketers to desist from creating artificial scarcity so as to induce panic in the system, with the aim of exploiting unsuspecting members of the public.
“The relevant agencies of government, including the Department of Petroleum Resources and the Economic and Financial Crimes Commission, have been directed to deal with offenders,” Kifasi added.
He gave an assurance that the Nigerian National Petroleum Corporation and its downstream flagship company, the Pipelines and Products Marketing Company, had made enough arrangements to ensure that the nation remained wet with petroleum products round the clock this year.
Similarly, the Department of Petroleum Resources said in another statement on Thursday that the government did not intend to increase petroleum product prices as being speculated by some people, and warned marketers against hoarding the products.
It said in the statement, “The DPR wishes to inform the general public that the Federal Government of Nigeria has not and does not intend to increase petroleum product prices contrary to speculations by some members of the public
“Consequently, all petroleum product marketers are hereby advised to sell at government approved prices and desist from hoarding, thereby causing artificial scarcity and hardship to consumers. The DPR wishes to reiterate that there is adequate supply of petroleum products nationwide.”
The department said its offices nationwide had upped their surveillance activities to ensure that all retail outlets sold petroleum products at the approved prices.
“All DPR offices nationwide have stepped up surveillance and monitoring of all products retail outlets to ensure and enforce compliance. All defaulters will be sanctioned in accordance with the law,” it stated.
Our correspondents learnt that there had been widespread product hoarding by some marketers in expectation of possible scarcity and price increase.
The Secretary General, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, said the Federal Government had paid subsidy claims to the major marketers in the country and this had helped to avert a near fuel scarcity situation ahead of the December 2013 festive season.
He said, “We recently had a situation of near product scarcity in the country but the moment the Minister of Finance, Dr. Ngozi Okonjo-Iweala, paid us, we didn’t have any other choice but to import; and within four days, a lot of vessels were brought in.
“With the payment, I think we have gotten some relief and we thank the minister of finance for the prompt payment. However, we appeal to her to pay the other importers that have not been paid.”
