Contrary to reports regarding the resolution of the Nigeria Governors Forum to increase the pump price of petrol to N384, the Federal Government (FG) on Friday, insisted that there would be no price increase in June.
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It said this became imperative despite the huge burden of under-recovery, the non-increment has caused.
The Minister of State for Petroleum Resources, Timipre Sylva affirmed this in a statement issued and signed by him.
According to him, the FG was not in a hurry to increase the price of Premium Motor Spirit (petrol) to reflect current market realities.
To this end, the Minister said the current price of petrol will be retained in the month of June until ongoing engagement with organized labour is concluded.
He also warned marketers against practices that may 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,” he stated.
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