BREAKING: FG Gives Fresh Update On Increment Of Petrol Price

• The Federal Government (FG) has said that it is not in a hurry to increase the pump price of Premium Motor Spirit (PMS) otherwise known as petrol.
• The NGF had earlier on Wednesday called for the full deregulation of the downstream sector and the immediate removal of fuel subsidy.

The Federal Government (FG) has said that it is not in a hurry to increase the pump price of Premium Motor Spirit otherwise known as petrol, EKO HOT BLOG has gathered.

The Minister of State for Petroleum Resources, Timipre Sylva, made the disclosure while reacting to the recommendation of the Nigerian Governors’ Forum (NGF) that petrol price should be between N380 and N408.5 per litre.

The NGF had earlier on Wednesday called for the full deregulation of the downstream sector and the immediate removal of fuel subsidy.

The governors had stated that the current subsidy regime was unsustainable, adding that only smugglers and illegal marketers benefit from it.

However, Sylva, while reacting to the governors’ call on Friday, assured Nigerians that there would be no increment in the pump price of fuel in June.

READ ALSO: Why Fuel Subsidy Can’t Continue –FG

The minister said, “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.

“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 would like to strongly urge petroleum products 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,” Sylva stated.

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