No Petrol Price Increase In June, Sylva Assures

Petrol pump price will not be increased in Nigeria in the month of June, the minister of state for petroleum resources, Mr. Timipire Sylva said on Friday.

In a statement made available to  GreenWhiteGreen GWG, the minister said the assurance was despite the permutations of governors asking for the removal of the subsidy with a recommendation of the pump price going to more than N300 per litre.

The minister in the statement further assured that the pump price would be held at the present level pending the outcome of ongoing negotiations with concerned stakeholders on the issue.

He as such charged product dealers against actions that would undermine continued supply of products.

He said:

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.

Why Petrol Pump Price In Nigeria Will Not Be Hiked – Sylva

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.

The assurance by the minister is bound to be received with calm by stakeholders and businesses who have been concerned on the continued fluctuation in the price of the product.

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