Contrary to some media reports, the Federal Government says there will be no increase in the pump price of Premium Motor Spirit (petrol) in June.
The current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded, the government said on Friday.
The Minister of State for Petroleum, Chief Timipre Sylva, who gave the assurance in a statement issued on Friday, said the clarification became necessary following media reports on the resolution of the Nigerian Governors Forum asking government to remove subsidy that would lead to increase in the pump price of petrol.
“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.”