Following recommendations that the Federal Government should increase petrol price to N380/N405, the Federal Government disclosed on Friday it would not increase petrol price in June despite the recommendation by the Nigeria Governors Forum.
In a statement issued and signed by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Friday, the possibility of a hike in petrol price any time soon has been ruled out assuring Nigerians that the cost of the commodity would remain the same at between N162/litre and N165/litre.
According to him, “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.”
According to reports, the minister stressed that he would like to strongly urge petroleum products marketers not to engage in any activity that could jeopardise the seamless supply and distribution system in place.
In another development, the Group General Manager, Group Public Affairs Division, Kennie Obateru, reportedly stated that the oil firm would await the Federal Government’s position on the governors’ recommendation before changing the petrol price.
According to him, “We really cannot take a position on that now because we don’t want to pre-empt whatever government is going to decide and it is whatever the Federal Government decides that will come to play.”
He added that, “So they (governors) have resolved and they probably will communicate that to the Federal Government before a position will be eventually taken. So it is only after that is done that the modalities will now be worked out to determine what price will be best.”