The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned southeast residents to stop panic buy, saying theres no plan by the federal government to increase fuel pump price.

The association told members of the public at the weekend to disregard the alarm and speculations about increase in pump price of Premium Motor Spirit otherwise known as petrol.

The chairman of IPMAN, Enugu Depot, Chinedu Anyaso gave the warning in Awka, Anambra state at the weekend, while speaking with reporters.

He disclosed that the Nigeria National Petroleum Company Limited (NNPCL) being the sole importer of the product had not in anyway informed marketers of any intending increase in price, hence the need for the people to disregard the speculations on ˜social media.

According to him, the panic may have arisen from a calculation of downward trend of naira in exchange with the dollar.

The IPMAN boss reassured the people that there was no plan by marketers to jack up the cost of petrol since there was no announcement from the sole importer of the product.

He said contrary to media reports, the Port Harcourt refinery was yet to come on stream at the moment.

He explained that the information made available to IPMAN indicated that the mechanical aspect of the 60,000 barrel capacity PH refinery had been done, while work was still in progress on other aspects.

He said: That does not mean it has come on stream. We are still anticipating that it will start but right now it has not started.

On Dangote refinery, Anyaso, said the report was that the company had started receiving crude oil products from the NNPCL, but was yet to start operations.

He noted: If there is any refined product, we will know because we are the middlemen that buy and sell to end users.

I believe strongly that Dangote refinery with its capacity of 650, 000 barrels per day will help to bring down the price of fuel in the country.

He, therefore, appealed to the federal government to consider issuing licences to players in the industry as such move would make it competitive, while forcing down the price nationwide.

He said: There Is no need for panic buying as there is enough product being made available to marketers at different depots by the NNPCL.

Let Nigerians ignore the speculations and avoid panic buying. (The Nation)