The Federal Government has debunked speculations of a planned increase in the pump price of fuel, insisting that such speculations should be disregarded.
In a statement issued by the Minister of State for Petroleum, Timipre Sylva, made available to newsmen, the clarification became necessary to assure Nigerians that despite the huge burden of under-recovery, the Federal Government was not in a hurry to increase the price of Premium Motor Spirit (petrol) to reflect current market realities.
The Minister 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”.
“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 like increasing supply price, that could jeopardize the seamless supply and distribution system in place”.
The Minister for State, Petroleum Resources 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.