The Ministry of Petroleum Resources has said, categorically, that there will be no increase in the price of Premium Motor Spirit (petrol) “in the month of June until the ongoing engagement with organized labour is concluded.”
This assurance is contained in a statement by the Minister of State for Petroleum, Chief Timipre Sylva, dated Friday, May 21, 2021.
The Minister was reacting to the recommendation of the Nigerian Governors Forum, based on the report of its committee headed by Kaduna State Governor, Nasir El Rufai, that subsidy on the product should be removed immediately and that the price of petrol should be between N380 and N408.5 per litre.
He said that the position of the Ministry to retain the current price is “despite the huge burden of under-recovery,” and “strongly urge petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place,” while urging members of the public to avoid panic buying.
Full text of the statement reads:
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 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.
Signed:
H. E. Timipre Sylva,
Hon. Minister of State for Petroleum
Abuja.
21st May, 2021.
