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Oil and Gas

OFFICIAL: No Fuel Price Increase in June

The fears being expressed by many that the pump price of petrol will be increased in June has been doused again.

In a statement issued Friday and signed by the Hon. Minister of State for Petroleum, Timipre Sylva, said 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.

Full statement:

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.
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.

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