Nigerian Government has once again, assured Nigerians that despite the huge burden of under-recovery, it is not in a hurry to increase the price of Premium Motor Spirit (petrol) to reflect current market realities.
Mr. Timipre Sylva, Minister of State for Petroleum, gave the assurance in a statement he personally signed on Friday.
According to him, 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 that could jeopardize the seamless supply and distribution system in place.
“I also urge 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.”