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The Chairman of the House of Representatives Committee on the Down stream petroleum sector, Hon Ikenga Imo Ugochiynere ( Ideato Federal Constituency of Imo state ), has said that there are no plans to increase the pump price of petroleum products, especially the primum motor spirit( petrol ) as being speculated.
He also adviced Nigerians against panic buying as the Nigeria National Petroleum company limited has assured of having enough of the product in its storage .
Hon who disclosed this at a press briefing at his country home in Akokwa in Imo state at the weekend, said there is no increment in the current pump price of Primum Motor Spirit ( Petroleum) and that the House of Representatives has been working day and night to ensure stability in the downstream of the petroleum industry.
He also revealed that the the government is committed in ensuring that the refineries comes back to live which will further ensure stability of the prices of the PMS.
According to him: ” The committee has been in touch with the regulatory agencies the DPR and the NNPCL and I can confirm that there is no increase in the prices of the PMS. What is happening is just speculations based on pressure from some independent marketers who are having challenges with Foreign exchange needed for importation of the product . But the NNPCL which is still the major importer has assured us that there will be no increment in the pump prices and we are doing everything possible to keep the price stability because they realize that any price adjustment at this critical time will have a devestating impact in the lives of Nigerians. Nigerians have gone through a lot already .”
Continuing, ” So , there is no need for panic buying because the NNPCL has assured the committe that there is enough product in their storage. The government is committed to ensuring that the nation’s refineries are back on stream which will further stability in the downstream of the Petroleum sector. “
