The Federal Government, on Friday, through Timipriye Sylva, the Minister of State for Petroleum assured Nigerians that there would be no increase in fuel pump price in the month of June, 2021.
The statement is coming on the heels of heightening speculations that government may jack up the price of petrol following insinuations emanating from last Teleconference meeting of the Nigerian Governors’ Forum (NGF) to the effect that subsidy on Petroleum products is no longer sustainable.
“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 organised 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 activities that could jeopardise the seamless supply and distribution system in place while calling on 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” read the Minister’s statement in parts.