By Gift Eguavoen
The federal government has again statef that it will not be increasing the pump price of petrol to reflect market reality in the month of June.
Making this known in a statement on Friday, Minister of State for Petroleum Resources, Timipre Sylvia, said 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 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,” the minister said in a statement.
This clarification, he said, became 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,” Sylva said.
He further urged 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 supplied.