Nigeria to keep petrol price at N162/Litre in June

The Minister of State for Petroleum, Chief Timipre Sylva, has assured that the Federal Government would retain the current pump price of Premium Motor Spirit (PMS), otherwise called petrol, at N162 per litre next month.

This is coming days after the 36 state governors agreed to the total removal of subsidy and mulled a pump price of N385 per litre.
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The minister said in Abuja, yesterday, that despite the huge burden of under-recovery, the Federal Government was not in a hurry to increase the price of petrol.

The Guardian had last month reported that the Federal Government would retain subsidy on petrol for the next six months, with the deferment estimated to cost the country a whopping N720billion.
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Sylva said: “The current price of petrol will be retained in the month of June until the ongoing engagement with organised labour is concluded.

“This clarification becomes necessary in the light of recent reports regarding the resolution of the Nigeria Governors Forum (NGF) to increase the pump price of petrol.”

He urged petroleum products, marketers, not to engage in any activity that could jeopardise the seamless supply and distribution system in the country, charging the public to avoid panic buying, stressing that the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the country wet.
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