FG speaks on petrol price hike, promises no increment in June

The federal government has assured Nigerians of no increment in petrol price in June despite advice from the Nigeria Governors Forum concerning the cost of production.

You will recall that a committee was set up by the Forum on Wednesday that recommended a price between N408.5/litre and N380/litre and also called for immediate subsidy removal.

However, in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Friday, the government has ruled out the possibility of a petrol price hike.

Although the minister admitted that the petrol subsidy had been a huge burden on the government, he assured Nigerians that the cost of the commodity would remain the same at between N162/litre and N165/litre.

READ ALSO: BREAKING: Zamfara state govt bans petrol black marketers

“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,” 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 to increase the pump price of petrol.”