Petrol Price

FG has broken silence on petrol price hike rumors.

 

News Online reports that President Muhammadu Buhari led federal government has addressed Nigerians over the fear of an increase in the price of petrol as being speculated.

 

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According to a statement signed by the Minister of State for Petroleum, Timipre Sylva, sighted by News Online, FG insisted that despite the burden continuous subsidy was having in its finances, there will be no increase in fuel price.

“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.

 

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“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,” Sylva assured.

 

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He further 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.