Why FG Says No Fuel Price Increase in June 

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CBN

 

Olusola Bello

 

The Federal Government has once again,reiterated its intention not to increase the prices of Premium Motor Spirit (PMS) or Petrol despite the proposal by the governors to allow for full deregulation of the downstream sector of the petroleum Industry.

According to a statement signed by the Minister of State for Petroleum Resources, Tmipere Sylva, he said:  “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.

He said 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.”

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.

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