Ministry of Petroleum Resources has assured Nigerians that there will be no fuel (Premium Motor Spirit) price hike in June.
The Minister of state of the ministry, Chief Timipre Sylva, gave the assurance in a statement signed by him.
The clarification is against the backdrop of speculations of possible hike of fuel pump price following reports from recent meeting of Nigeria Governors Forum which indicated that subsidy should be totally removed while fuel pump price could increase up to N380.
But the Minister assured 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.”
He said, “The current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded.”
The full text of the statement reads:
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.
Signed:
H. E. Timipre Sylva,
Hon. Minister of State for Petroleum
Abuja.
21st May, 2021.
News5 days ago
News6 days ago