No plans of fuel increment – FG to Governors

Obinwannem News No plans of fuel increment - FG to Governors

Recommendations by the Nigerian Governors Forum (NGF) for an increase in price of petrol, was ruled out by the federal government on Friday. Despite the high cost of subsidy paid on petrol, the federal government maintained that the price of petrol would remain between ₦162 per litre, and ₦165 per litre.

The Nigerian Governors Forum (NGF) had recommended an increase in petroleum products, between ₦408.5/litre and ₦380/litre, and also called for the immediate removal of petrol subsidy.

The NGF advice was based on the reports of its committee headed by the Kaduna State Governor, Mallam Nasir El Rufai, that fuel deregulation of petrol should be fixed.

Meanwhile, Chief Timpre Sylva, Minister for State Petroleum on Friday, in a signed statement, said “the federal government does not intend to embark on a hike in petrol price anytime soon”.

According to the Minister, the current price would be returned, until the further notice.

The Petroleum Minister said, “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 motor 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 resolutions of the Nigerians Governors Forum to increase the pump price of petrol.

He urged marketers of Petroleum products not to engage in any activity that could jeopardize the seamless supply and distribution system in place, while encouraging Nigerians to avoid panic buying, noting that there is enough stoxlck of Petroleum product from the NNPC.

Ijeoma Njoku reporting, Obinwannem News | May 22, 2021

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