The Minister of State for Petroleum, Timipre Sylva, has doused another rumour making the rounds that there will be an increase in the pump prices of petrol in June.
The minister, who personally issued a statement today, May 21 in respect of recent reports regarding the resolution of the Nigeria Governors Forum to increase the pump price of petrol, said: “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.”
He emphasized 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.
” 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.”