Fuel Price Still N162 Per Litre-FG

The Federal Government has  promised Nigerian that there would be no increase in fuel pump price in the month June 2021.

Chief Timipriye Sylva, the Minister of State, Petroleum Resources,who  gave the promise in a statement,said the development  followed heightened fears that  the government will adjust the pump  price of fuel on the strength of the recent position of the Nigerian Governors’ Forum (NGF)  that subsidy on Petroleum products was  no longer sustainable.

He said:”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.

He  urged  petroleum products marketers not to engage in any activities that could jeopardize the seamless supply and distribution system in place while calling on 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.