The Federal Government assured Nigerians on Friday that there would be no increase in the ex-depot price of Premium Motor Spirit, popularly called petrol, in June.
This was disclosed by the Hon Minister of state of petroleum, Timipre Sylva, onFriday via a statement made available to out correspondent.
Recall that the Nigeria Governors’ Forum this week also recommended the full deregulation of the price of petrol, saying that the current arrangement of subsidy payment is “unsustainable”.
In the statement, Sylva said that despite the huge burden of under-recovery, the federal government is not in a hurry to increase the price of 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,” the statement read.Advertisement
“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.”
