The federal government has set up a committee to see to the coordination of Petroleum Equalisation Fund (PEF), which is aimed at keeping the pump prices of petroleum products at its current prices.

Kemi Adeosun, minister of finance; Abba Kyari, chief of staff to the president; and Ibe Kachikwu, minister of state for petroleum resources, are members of the committee.

This was disclosed by Bashir Dan-Malam, the state chairman of IPMAN, in an interview with NAN in Kano on Friday.

Dan-Malam advised members in Kano state to continue with their normal business, promising that the association would sanction anyone caught hoarding or selling the product above the approved price of N145.

“As leaders of the association, we feel it is necessary to tell our members the truth as the government has no plan to increase fuel price for now,” he said.

“This is a rumour. Anything you did not hear from us, ignore it.”

Dan-Malam said during a meeting with members of the committee, it was resolved that the union should reconcile with the Petroleum Equalisation Fund (PEF) on the outstanding payment of transportation charges.

“During the meeting it was agreed that a committee to be chaired by the Minister of Finance, Mrs Kemi Adeosun consisting of all stakeholders be set up with a mandate to reconcile all outstanding balances,” he said.

“The administration has clearly demonstrated its willingness to create an enabling environment for a viable and sustainable downstream sector in Nigeria and IPMAN is 100 per cent committed to achieving this goal.”