His Excellency Timipre Sylva, Honourable Minister of State for Petroleum Resources

Nigerian Government clarifies no fuel price increase June 2021: Minister

*The Federal Government has urged consumers to avoid panic buying because the Nigerian National Petroleum Corporation has enough stock of petroleum products to keep the country wet

Emmanuel Akosile | ConsumerConnect

In a move to reflect current market realities in the country’s economy, the Federal Government has assured Nigerian consumers, that despite the huge burden of under-recovery, it is not in a hurry to increase the price of Premium Motor Spirit (PMS), otherwise known as petrol.

His Excellency Timipre Sylva, Honourable Minister of State for Petroleum Resources, in a statement Friday, May 21, in Abuja, FCT, said the current price of petrol would be retained in June until the ongoing engagement with Organised Labour is concluded.

The Minister stated this clarification becomes necessary in the light of recent reports regarding the resolution of the Nigeria Governors’ Forum (NGF) to increase the pump price of petrol in the country.

Sylva noted: “In this regard, I would like to strongly urge petroleum products marketers not to engage in any activity that could jeopardise the seamless supply and distribution system in place.”

The statement added: “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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