The Federal Government has declared that it would not increase the price of Premium Motor Spirit, PMS, in June 2021 in order not to disrupt ongoing engagement with labour.
This position is coming amid the clamour of the 36 Governors to increase the price to a minimum of N385 per litre in order for states to have more money to share in the monthly federal allocations to states and the FCT.
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 Minister of State for Petroleum, Chief Timipre Sylva in a statement released on Friday said: “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 continued: “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.”
