We Are Not In A Hurry To Increase Fuel Price, Says FG


Minister of State for Petroleum Resources, Timipre Sylva has said the Federal Government is not in a hurry to increase the pump price of petrol.

Sylva said this while reacting to the recommendation of the Nigerian Governors’ Forum (NGF) that fuel price should be between N380 and N408.5 per litre.

At a virtual meeting on Wednesday, the governors called for the full deregulation of the downstream sector and the immediate removal of fuel subsidy, saying the current subsidy regime was unsustainable, and only smugglers and illegal marketers benefit from it.

But in his response, Sylva assured Nigerians that there would be no increment in pump price of fuel in June.

“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 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 increase the pump price of petrol.”

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