NO PETROL INCREASE IN JUNE – MINISTER OF STATE FOR PETROLEUM, TIMIPRE SYLVA

Nigeria’s Minister of State for Petroleum, Timipre Sylva, has said that there will be no increase in the price of premium motor spirit (PMS) also known as petrol, in June.

This comes after the Nigeria Governors’ Forum (NGF) approved its recommendation that backs full deregulation of petrol, and suggests that the pump price of the product should sell at N385 per litre.

The Minister announced this in a press statement released on Friday May 21 in Abuja. Sylva said that despite the huge burden of under-recovery, the Federal Government is not in a hurry to increase the price of 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,” the statement read.

He said; “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 activity that could jeopardize the seamless supply and distribution system in place.

Credit: EONS Intelligence