22May 2021 By Shakirat Alabi
The Federal Government says despite the huge burden of under-recovery, it is not in a hurry to increase the price of Premium Motor Spirit (petrol) to reflect current market realities.
In a statement signed by the Minister of State for Petroleum Timipre Sylva, explains that the current price of petrol will be retained in the month of June until the ongoing engagement with the organized labour is concluded.
According to the statement, this clarification becomes necessary in the light of recent reports regarding the resolution of the Nigerian Governors Forum to increase the pump price of petrol.
It strongly urges petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place.
The statement also appeals to members of the public to avoid panic buying because the Nigerian National Petroleum Corporation has enough stock of petroleum products to serve the nation .