The Nigerian National Petroleum Corporation (NNPC) on Wednesday described as false, rumours of an imminent increase in the pump price of Premium Motor Spirit (PMS) otherwise called Petrol.

This is contained in a statement issued in Abuja by Dr Omar Farouk Ibrahim, the Acting Group General Manager, Group Public Affairs Division, NNPC.

In the statement, the NNPC stated that there were no plans by the Federal Government to increase the price of fuel in the Country.

The Corporation also reassured Nigerians that there was enough supply of fuel in the Country at the moment.

It urged motorists not to indulge in panic buying as there were enough products to last the Country for several weeks.

The Corporation stated that the re-emergence of long queues was due to hoarding by filling station owners in vain anticipation of fuel price hike.

It implored filling station owners to refrain from hoarding, to help lessen long queues.

The NNPC also cautioned marketers who were loading petrol from their various depots not to hoard the product as erring marketers would be sanctioned.

The Petroleum Products Pricing Regulatory Agency (PPPRA) earlier said the reappearance of long queues at filling stations across the country was artificial and uncalled for.

Mr. Lanre Oladele, the PPPRA spokesperson, said that there was enough stock to keep the Country going for days.

"With the release of allocation of licences to marketers for the first quarter of 2014, there was no reason for fuel scarcity,We can assure Nigerians that we have enough to wet the nation" he said.

“What we have is artificial scarcity to create false impression whereas the entire Nation is wet with the products,” Oladele said.

He advised Nigerians not to engage in panic buying.

In the same vein, the Pipeline and Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) responsible for the supply of the products, said there was enough stock.

Mr Nasir Imodagbe, the PPMC spokesperson, said “we have robust supply of fuel, same with NNPC to serve the country for days, I don’t know where the issue of scarcity is coming from".

Imodagbe warned marketers to desist from hoarding fuel, adding that anyone caught would face the full wrath of the Law.