Federal Government speaks on hike in petrol price in June

The Federal Government of Nigeria has claimed there will not be any hike in petrol price next month.

It insisted that the current price range of between N162 to N165 per litre still stands.

Well, this follows rumors that the Nigerian Governors’ Forum (NGF) called for the full deregulation of the downstream sector of the oil industry, adopting a price of N385 per litre.

Nevertheless, in a statement signed by the Minister of State for Petroleum, Timipre Sylva, on Friday, 21st May, it reads...

“Once again, it has become necessary to assure Nigerians that despite the huge burden of under-recovery, the Federal Government isn’t in a hurry to increase the price of Premium Motor Spirit (Petrol) to reflect the 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.

“In this regard, I will like to strongly urge the petroleum product 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.”