The Federal Government of Nigeria has said that there are no plans to increase the pump price of petrol, also known as Premium Motor Spirit in the month of June.
Minister of State for Petroleum Resources, Mr Timipre Sylva gave the assurance in Abuja on Friday.
He said that the government decision is hinged on its agreement with the organised labour even if the decision does not reflect the current position in the petrel markets.
According to him, “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 the current market realities.
“The current price of petrol will be retained in the month of June until the ongoing engagement with organised labour is concluded.”
Publication monitored on the Ministry’s websites:
Ministry of Petroleum Resources, Nigeria@FMPRngยทPress Release No #Fuel Price Increase in June 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
The Minister added that the clarification became necessary in the wake of recent theories that the recent Nigeria Governors’ Forum resolved to increase the pump price of petrol.
Timipre Sylva warned marketers to avoid activities that could jeopardise the seamless supply and distribution system that are currently in place.
He advised the general public to avoid panic buying as, “The Nigerian National Petroleum Corporation (NNPC) has enough stock pile of petroleum products to keep the nation wet.”
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