The Federal Government has declared that there would be no fuel price increase until the ongoing engagement with organized labour is concluded.
Minister of State for Petroleum Resources, Chief Timipre Sylva who made the declaration said, it was 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 fuel.
TheFact Nigeria reports that the Minister’s declaration would douse the tension already generated following the recent resolution of the Nigeria Governors Forum to increase the pump price of petrol to N385 per litre, signaling full deregulation of the sector.
However, the Minister in his words 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 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”, he said.
