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FG opens up on alledged fuel price increase in June



Timipre Sylva, the Minister of State for Petroluem, has debunked the widespread reports of planned fuel price increase in June by the Nigerian government.

Sylva assured that the Nigerian National Petroleum Corporation (NNPC) has enough in stock to circulate and talks is still ongoing on the modalities with the State Governors, thereby cautioning the distributors and marketers from shady deals that could highten fears.

The Minister’s statement reads, “Once again it has become necessary to assure Nigerians that despite the huge burden 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.

“In this regard, I would like to strongly urge petroleum products marketers not to engage in any activities that could jeopardize the seamless supply and distribution system in place while calling on members of the public to avoid panic buying because the Nigerian National Petroleum Corporation (NNPC) has enough stock of petroleum products to keep the nation wet.”

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