Nigeria: No Fuel Price Increase in June, Deputy Oil Minister Sylva Says

Nigeria: No Fuel Price Increase in June, Deputy Oil Minister Sylva Says

Nigeria’s Minister of State for Petroleum Resources Timipre Sylva has assured citizens there will be no increase in the price of premium motor spirit, also known as petrol, in June.

The Minister made the announcement on Friday via a press release urging Nigerians to avoid panic buying as the state-owned petroleum company has enough stock of petroleum products to keep the nation wet.

“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,” Mr Sylva said.

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

The Nigeria Governors Forum had on Wednesday recommended full deregulation of the price of petrol. According to the Nigerian governors, the current system of subsidy payment is unsustainable.

“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,” the Minister noted.

“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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