The minister of state petroleum resources Timipre Sylva says, 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.
The minister gave clarification in statement.
He said The current price of petrol will be retained in the month of June until the ongoing engagement with organized labour is concluded.
This clarification becomes necessary in the light of recent reports regarding the resolution of the Nigeria Governors Forum to allow market forces determine the pump price of petrol.
He strongly urges petroleum products marketers not to engage in any activity that could jeopardize the seamless supply and distribution system in place.
He also advises the public to avoid panic buying because the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet.