The Federal Government says it will not increase the price of Premium Motor Spirit (petrol) in June 2021.
It said the reason is not to disrupt ongoing engagement with labour.
The Nigeria Governors’ Forum (NGF) had in their virtual meeting, Wednesday, advised the federal government to consider increasing fuel price to N408 per liter.
However, a statement by the Minister of State for Petroleum, Chief Timipre Sylva, said “despite the 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 organised 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 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 has enough stock of petroleum products to keep the nation wet.”
