Despite pressure, the Federal Government, Friday, said it would not increase the price of Premium Motor Spirit, PMS, in June 2021 in order not to disrupt ongoing engagement with labour.
The Nigeria Governors’ Forum, NGF, had in their virtual meeting, Wednesday, considered the report of a committee headed by Kaduna State Governor, Mallam Nasir el-Rufai, and accepted its recommendation backing full deregulation of petrol price, which has been rising due mainly to the relatively high price of crude oil in the global market.
The forum which puts the pump price of the product at N385 per litre had also recommended that the federal government should buy 113 buses to cushion the effects of the price increase.
But in a statement on Friday, the Minister of State for Petroleum, Chief Timipre Sylva, stated: “Once again, it has become necessary to assure Nigerians that despite the 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.”
He added: “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 has enough stock of petroleum products to keep the nation wet.”