Nigeria to keep petrol price at N162/litre in June

Minister of State for Petroleum, Timipre Sylva said the Federal Government will retain the pump price of Premium Motor Spirit (PMS) otherwise called petrol at N162 per litre in June.

This is coming days after the 36 state governors mulled a pump price of N385 per litre.

The minister said in Abuja Friday 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. The deferment was estimated to cost the country a whopping N720b.

“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,” Sylva said.

He urged petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in in the country.

Sylva equally urged members of the public to avoid panic buying, stressing that the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet.