No plan to increase petrol price next month – FG

Minister of State for Petroleum, Timipre Sylva, says the Federal Government has no plan to increase the price of petrol next month (June 2021).
He stated this in a press statement released on Friday in Abuja.
General Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari, had announced in April that the price of petrol would not be increased until ongoing negotiations between labour unions and government were concluded.
But Kyari had warned that the NNPC could not continue to bear the fuel subsidy burden, disclosing that the corporation had been paying between N100bn and N120bn every month to keep the pump price at the current level.
The Nigeria Governors’ Forum has just recommended the full deregulation of the price of petrol, noting that the current arrangement of subsidy payment was not sustainable.
Sylva said in the statement that despite the huge burden of under-recovery, the Federal Government would not be in a hurry to increase the price of 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,” the statement read.
The minister said, “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.”