The Federal Government says it is not in a hurry to increase the pump price of Premium Motor Spirit, popularly known as petrol to reflect current market realities despite the huge burden of under-recovery.
A statement by Minister of State for Petroleum Resources, Timipreye Sylva says the current price of petrol will be retained in the month of June until the ongoing engagement with Organised 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 to be sold for not less than N380 per litre.
The Minister urged petroleum products, marketers, not to engage in any activity that could jeopardise the seamless supply and distribution system that is in place.
Also Read: Nigerian Governors’ Forum recommend N380 per litre petrol pump price
Members of the public are also advised to avoid panic buying because the Nigerian National Petroleum Corporation, NNPC has enough stock of petroleum products to keep uninterrupted supply nationwide.
(Editor: Terverr Tyav)
