Petrol is still N97, FG denies alleged plan to increase price of fuel

The Federal Government has dismissed fears that the pump price of Premium Motor Spirit (PMS), commonly called Petrol, will increase in the new year.

The current official rate is N97 per litre.

In statements by the Ministry of Petroleum Resources and Department of Petroleum Resources (DPR), government said there is no iota of truth in the speculation.

In a release signed by the Ministry’s Permanent Secretary, Mr. Danladi Kifasi, the FG described the alleged impending price hike as “unfounded.”

“We would 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,” he said.

“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 statement further warned marketers to desist from creating any scarcity meant to exploit unsuspecting members of the public. Dailypost News