Categories: Business Headlines

FG To Retain Fuel Price In June, Asks Nigerians To Avoid Panic Buying

A fuel station in Lagos sells petrol at N162 per litre.

 

There will be no increase in the price of Premium Motor Spirit, also known as petrol, in the month of June, the Federal Government has assured Nigerians.

The Minister of State for Petroleum Resources, Mr Timipre Sylva, gave the assurance in a statement on Friday in Abuja, the Federal Capital Territory.

He noted that while the decision of the government was in contradiction to the present situation in the petroleum markets, it remained committed to its engagement with the organised labour.

“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 the current market realities.

“The current price of petrol will be retained in the month of June until the ongoing engagement with organised labour is concluded,” the minister stated.

A file photo of the Minister of State for Petroleum Resources, Timipre Sylva.

 

He explained that the clarification became necessary in the light of recent reports regarding the resolution of the Nigeria Governors’ Forum to increase the pump price of petrol.

Sylva warned petroleum product marketers in the country against engaging in any activities that could jeopardise the seamless supply and distribution system presently in place.

He also appealed to the people in various parts of the country to remain calm and avoid panic buying of the product.

“The Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet,” the minister said.

Another Worry For Nigerians

Despite the assurance that the government would retain the price of petrol, Nigerians are concerned about the proposed increase of the electricity tariff for June.

This led to the resolution by the House of Representatives calling on the Federal Government to direct the Nigerian Electricity Regulatory Commission (NERC) to rescind its decision on the proposed increment in view of the hard times Nigerians were going through.

 

A member of the House, Aniekan Umanah, had raised a motion during Thursday’s plenary that the nation’s electricity regulator should suspend the proposed increase in electricity tariff.

He faulted the decision to increase the electricity tariff at a time when Nigerians were going through hard times and governments all over the world were providing means to cushion the effects of the COVID-19 pandemic.

Umanah decried that NERC, working with the distribution companies, had increased the tariff five times since 2015, the latest being on January 1, 2021.

Following a series of deliberations on the motion, the lawmakers mandated the House Committees on Power, Poverty Alleviation, as well as Labour, Employment and Productivity to ensure compliance with the resolution.

Akinola Ajibola

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Akinola Ajibola
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