Contrary to the social media reports about plans by the Federal Government of Nigeria, to increase the pump price of Premium Motor Spirit (PMS) in June 2021, The Minister of State for Petroleum Resources, Chief Timipre Sylva, on Friday, says there will be no increment in the price.
He said the current price would be retained until conclusion of consultation with organised labour.
A statement by the Minister said the clarification was necessitated by recent reports regarding the resolution of the Nigerian Governors Forum to increase the pump price of petrol.
“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.
“In this regard, I would like to strongly urge petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place.
“I also urge 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” he noted.