The Federal Government has insisted that there will not be any increase in petrol price in the month of June as the current price range of between N162 to N165 per litre still stands.
The clarification became essential after recent reports of the resolution of the Nigerian Governors’ Forum (NGF), calling for the full deregulation of the downstream sector of the oil industry, adopting a price of N385 per litre.
This was contained in a statement signed by Timipre Sylva, the Minister of State for Petroleum, on Friday.
Sylva explained that the current price of petrol would be retained until the engagement with organized labour is concluded.
The statement read, “Once again, it has become necessary to assure Nigerians that despite the huge burden of under-recovery, the Federal Government isn’t 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 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 will like to strongly urge the petroleum product marketers not to engage in any activities that could jeopardize 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.”
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