No Fuel Price Increase, Says Minister of State for Petroleum

Timipre Sylva

Timipre Sylva


Once again, Chief Timipre Sylva, Minister of State for Petroleum, in a statement he personally signed today, 21 May, 2021, said that it had become necessary to assure Nigerians on the fuel price issue. He said  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.

The current price of petrol will, according to him, be retained in the month of June until the ongoing engagement with organized labour is concluded.

He added that 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, the Minister said he 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,” he concluded.