The Federal Government of Nigeria has clarified that the current price of Petroleum Motor Spirit (Petrol) will be retained in the month of June, 2021.
Minister of Petroleum Resources, Timipre Sylva, in a statement today said that the clarification became necessary to avoid panic buying by members of the public following recent reports regarding the resolution by the Nigerian Governors Forum to increase the pump price of petrol.
The Minister noted that despite the huge burden of under recovery, the Federal Government is not in a hurry to increase petrol price to reflect current market realities.
He further added that there would be no price change until engagement with organised labour is concluded, and urged petroleum products marketers not to jeopardize the seamless supply and distribution system currently in place.
