By Adesuwa Tsan
365Daily – The Minister of Petroleum Resources, Timipre Sylva, has disclosed that there will be no increase in the pump price of petrol in June, 2021.
Sylva said in a statement issued on Friday, May 21, 2021, that the Federal Government will co time to “bear the huge burden of under-recovery” without passing the cost to Nigerians.
He said: “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 organised labour is concluded.”
The Minister said the clarification was in response to the resolution of the Nigeria Governors Forum (NGF) to increase the pump price of petrol.
The Governors had, on Wednesday, proposed that the subsidy on petrol should be removed, and the pump price of fuel marked at N385 per litre.
However, Sylva warned that the price of petrol remains unchanged and “strongly urged petroleum products marketers not to engage in any activity that could jeopardise the seamless supply and distribution system in place.”
He also urged 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.