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FG insists there is no increase in petrol price in June

The Federal Government has insisted that there will not be any increase in petrol price in the month of June as the current price range of between N162 to N165 per litre still stands.

The clarification became necessary following recent reports of the resolution of the Nigerian Governors’ Forum (NGF) who called for the full deregulation of the downstream sector of the oil industry adopting a price of N385 per litre.

This disclosure is contained in a press statement issued and signed by the Minister of State for Petroleum, Timipre Sylva, on Friday, May 21, 2021.

The Minister said that the current price of petrol will be retained until the engagement with organized labour is concluded.

What the Minister of State for Petroleum is saying

Sylva in the statement 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 the 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 will like to strongly urge the petroleum product marketers not to engage in any activities that could jeopardize the seamless supply and distribution system in place while calling on 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.’’

In case you missed it

It can be recalled that ahead of the Federation Accounts Allocations Committee (FAAC) meeting, the Nigeria Governors’ Forum (NGF), on Thursday, at its virtual meeting considered the report of a committee headed by Kaduna State Governor, Mallam Nasir el-Rufai, and accepted its recommendation that backs full deregulation of petrol, and suggests that the pump price of the product should hover around N385 per litre.

See the statement below:

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