No Plan To Increase Petrol Price Yet, Nigerian Government Says

The Federal Government has said it will not increase the price of petrol in June despite the recommendation by the Nigeria Governors’ Forum that the cost of the commodity should be increased.

On Wednesday, a committee set up by the Nigeria Governor’s Forum recommended a petrol price of between N408.5/litre and N380/litre, and also called for immediate removal of petrol subsidy.

But in a statement issued and signed by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Friday, the government ruled out the possibility of a hike in petrol price any time soon.

The minister, who admitted that petrol subsidy had been a huge burden on the government, however assured Nigerians that the cost of the commodity would remain the same at between N162/litre and N165/litre.

Sylva said, “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 current price of petrol will be retained in the month of June until the ongoing engagement with organised labour is concluded.”

He added, “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.”

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