The Federal Government on Friday said there is no plan to increase the price of Premium Motor Spirit (PMS) in the month of June, 2021.
Minister of State for Petroleum, Timipre Sylva, in a statement said it has become necessary to assure Nigerians that despite the huge burden of under-recovery, the Federal Government was not in a hurry to increase the price of PMS to reflect current market realities.
“The current price of petrol will be retained in the month of June until the ongoing engagement with organised labour is concluded,” he said.
Sylva stated that the clarification became necessary in the light of recent reports regarding the resolution of the Nigeria Governors Forum to increase the pump price of petrol.
The minister said in this regard, he would strongly urge petroleum products marketers not to engage in any activities that could jeopardise the seamless supply and distribution system in place.
He called on members of the public to avoid panic buying because the Nigerian National Petroleum Corporation has enough stock of petroleum products to keep the nation wet.
