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Home News There will be no fuel price increase in Nigeria by June, says Ministers

There will be no fuel price increase in Nigeria by June, says Ministers

by Tom Chiahemen
0 comment 1 minutes read

By Callistus Offor, (ABUJA)

The Minister of State for Petroleum, Timipre Sylva, has said 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 Minister, who disclosed this in a statement on Friday, said the current price of petrol would be retained in the month of June until the ongoing engagement with organized labour is concluded.

According to him, the clarification becomes necessary in the light of recent reports regarding the resolution of the Nigeria Governors Forum to increase the pump price of petrol.

Dr. Sylva, however, urged petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place.

He also called 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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