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Just In: Petrol stays at N162 to165 – Minister assures

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The Ministry of Petroleum Resources has confirmed that there would be no increase in the price of Premium Motor Spirit (PMS) popularly referred to as petrol.

The Ministry on Friday published this in a statement issued and signed by the Minister of State for Petroleum, Timipre Sylva as a reaction to reports of an impending price increase of petrol.

“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,” Mr Syvla said in the statement meant to calm the anxiety following the reports.

“The current price of petrol will be retained till the end of June until the ongoing engagement with the organised labour is concluded.

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

He further urged Nigerians to avoid panic buying or hoarding the petrol they have because the Nigerian National Petroleum Corporation (NNPC) will continue to make petrol available.

He continued, “In this regard, I will like to strongly urge petroleum products marketers not to engage in any activities that could jeopardize the seamless supply and distribution system in place while calling on members of the public to avoid panic buying because of the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet.”

Governors on Wednesday night recommended the immediate removal of petrol subsidy and proposed an over 130 per cent pump price increase, from N162 per litre to between N380 and N408.5.

The decision by the cash-starved governors was also due to the NNPC last month’s declaration that it had no funds to contribute to the Federation Accounts Allocation Committee (FAAC) in May, given a huge subsidy (about N120 billion), which is being paid monthly to keep petrol price at N162 per litre.

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