The Federal Government said it will not increase petrol pump price in June, the Minister of State for Petroleum, Timipre Sylva, said on Friday, May 21, 2021.
According to Sylva the current price range of between N162 to N165 per litre still stands.
WUZUPNIGERIA reports that the Nigeria Governor’s Forum (NGF) had, through its committee on Wednesday, recommended a petrol price of between N408.5/litre and N380/litre and also called for instant elimination of petrol subsidy.
Sylva, however, admitted petrol subsidy had been a huge burden on the government.
He 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 organised labour is concluded.”
He added that the clarification became necessary following the NGF’s recommendation to the FG that it increases the pump price of petrol.
According to PUNCH, the minister noted that he would like to strongly advise petroleum products, marketers, not to engage in any activity that could jeopardise the seamless supply and distribution system in place.
He called on members of the public not to engage in panic buying because the Nigerian National Petroleum Corporation had enough stock of petroleum products to keep the nation wet.
The Group General Manager, Group Public Affairs Division, Kennie Obateru, earlier told our correspondent that the oil firm would await the Federal Government’s position on the governors’ recommendation before changing the petrol price.
Petrol imports into Nigeria have been done solely by NNPC for more than three years now.
Obateru said, “We really cannot take a position on that now because we don’t want to pre-empt whatever government is going to decide and it is whatever the Federal Government decides that will come to play.
“So they (governors) have resolved and they probably will communicate that to the Federal Government before a position will be eventually taken. So it is only after that is done that the modalities will now be worked out to determine what price will be best.”
