NNPC report

No Fuel Price Increase In June

Amidst fears of a possible increase in the price of petroleum products across the country, the minister of petroleum resources, Timipre Silva has assured that the will be no increase in the price of petrol in the month of June

A press statement signed by the
Hon. Minister of State for Petroleum   and made available to BudinessUpdate says “Once again, it has become necessary to assure Nigerians that despite the huge

Timipre Sylva, Nigeria's Petroleum Minister
Timipre Sylva, Nigeria’s Petroleum Minister

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 minister maintained that the current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded.
He insisted that the  clarification became necessary in the light of recent reports regarding the resolution of the Nigeria Governors Forum to increase the pump price of petrol.
Timipre Silva further stated, “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.