The Federal Government on Friday explained that there is no plan to increase the price of Premium Motor Spirit (PMS) in the month of June 2021 as widely speculated in several quaters.
This revelation was made by the Minister of State for Petroleum, Timipre Sylva, in a statement, which was released by his media office.
According to him, 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 explained 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.
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The minister went further to state that 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.
Finaly he appealed to the 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.
AFRICA TODAY NEWS, NEW YORK