No Fuel Price Increase In June – Sylva

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The Minister of State for Petroleum, Timipre Sylva, has restated there are no plans to increase the pump price of fuel in June.

In a statement he personally signed and which was made available to journalists today, he said the clarification became necessary with the speculation rife in the country to the effect of the alleged price increase next month.

The statement reads in part: “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 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.”

It urged members of the public to avoid panic buying, saying the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet.

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