The Federal Government on Thursday said it has no plan to increase the pump price of Premium Motor Spirit, otherwise known as fuel, from its current rate of N97 per litre.

The Permanent Secretary, Federal Ministry of Petroleum Resources, Mr. Danladi Kifasi, dismissed growing fears in some quarters about an impending price hike, describing it as unfounded.

Kifasi, in a statement, said, "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."

The permanent secretary further warned petroleum product marketers to desist from creating any scarcity so as to induce panic in the system with the aim of exploiting unsuspecting members of the public.

He said, "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 assured that the NNPC and its downstream flagship company, the Pipelines and Products Marketing Company had made enough arrangements to ensure that the entire nation remains wet with petroleum products round the clock in 2014.