JUST IN: No petrol price hike in June – Sylva

The Minister of State for Petroleum, Timipre Sylvia, on Friday said that the Federal Government would not increase petrol price in June despite the recommendation by the Nigeria Governors Forum that the cost of the commodity is increased.

The Minister announced this in a Press statement on Friday.

According to him, despite the huge burden of under-recovery by the petroleum sector, the federal government is not in a hurry to increase the price of petrol to reflect current market realities.

He said: “The current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded”

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“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.”

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