Thursday, November 7

FG Dispels Price Increase Speculations

Following the news making the rounds that the Nigerian Governors Forum had recommended a new price regime of N385 naira only which has been agitating the minds of most Nigerians, the Federal Government has again cleared the air , insisting that there is no plan by the government to increase petrol pump price.
The clarification was made Friday by the Minister of State, Petroleum Resources, Chief Timipre Sylva who also urged members of the public to refrain from panic buying.

“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”, the Minister stated.

“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 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.

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