FG says no increament in fuel price for June, warns Nigerians against panic buying

There will be no increase in the price of Premium Motor Spirit, also known as petrol, in the month of June, the Federal Government has assured Nigerians.

The Minister of State for Petroleum Resources, Mr Timipre Sylva, gave the assurance in a statement on Friday in Abuja, the Federal Capital Territory.

He noted that while the decision of the government was in contradiction to the present situation in the petroleum markets, it remained committed to its engagement with the organised labour.

“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 the current market realities.

“The current price of petrol will be retained in the month of June until the ongoing engagement with organised labour is concluded,” the minister stated.

He explained that the clarification became necessary in the light of recent reports regarding the resolution of the Nigeria Governors’ Forum to increase the pump price of petrol.

Sylva warned petroleum product marketers in the country against engaging in any activities that could jeopardise the seamless supply and distribution system presently in place.

He also appealed to the people in various parts of the country to remain calm and avoid panic buying of the product.

“The Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet,” the minister said.