No fuel price increase in June – Minister of states for Petroleum
The Minister of States for Petroleum, Timipre Sylva, has disowned claim of any proposed petrol price increase purportedly arising from the communique of the Nigerian Governors’ Forum (NGF) recommending that petrol be sold between N380 and N408.5 per litre.
In a statement released by the Minister on Friday, Sylva said, “Once again, it has become necessary to assure Nigerians that despite the huge burden of under-recovery, the Federal Government is not in a hurry to increase the price of Premium Motor Spirit (petrol) to reflect current market realities.
“The current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded”, he said.
“This clarification becomes necessary in the light of recent reports regarding the resolution of the Nigeria Governors Forum to increase the pump price of petrol.
“In this regard, I would like to strongly urge petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place,” he stated.
He however urged members of the public to avoid panic buying, adding that the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation going.