FG Says No Fuel Price Hike in June

The Federal Government has assured Nigerians that there would be no fuel price increase in the month of June.

Minister of State for Petroleum Resources
Chief Timipre Sylva disclosed this in a statement personally signed by him and made available to Economic confidential in Abuja.

“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 Minister noted that the current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded.

Chief Sylva said the clarification has become 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 said in a terse statement.
“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”, he added