BEVERLY HILLS, May 21, (THEWILL) – The Federal Government has insisted there would be no increase in fuel pump price in the month of June, adding that the current price range between N162 to N165 per litre would remain.
A statement on Friday by the Minister of State for Petroleum Resources, Timipre Sylva, said the clarification became necessary following recent reports of the resolution of the Nigerian Governors’ Forum (NGF) who called for the full deregulation of the downstream sector of the oil industry adopting a price of N385 per litre.
The Minister said that the current price of petrol would be retained until the engagement with organized labour is concluded
The statement reads: “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.
“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.
“I also urge members of the public to avoid panic buying because the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet.”
