The Minister of State for Petroleum, Timipre Sylva, has assured 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 he stated, will be retained in the month of June until the ongoing engagement with organized labour is concluded.
According to Sylva, “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, he urged petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place.
He also urged members of the public to avoid panic buying, adding that the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet.