The Federal Government has again rejected the recommendation by the Nigeria Governors’ Forum (NGF) for an increase in the price of Premium Motor Spirit (PMS), popularly called petrol.
On Friday, the Federal Government reiterated its stance, insisting that no decision on the adjustment of petrol price would be made, until the ongoing negotiations with the organised labour were concluded.
On May 21, it first rejected the governors’ recommendation of shooting petrol price up to between N380 and N408.5 per litre and removing fuel subsidy.
The governors’ advice was based on the report of its committee chaired by the Kaduna State Governor, Mallam Nasir El-Rufai, seeking the full deregulation of the oil sector.
But the Minister of State for Petroleum Resources, Chief Timipre Sylva, in a statement on Friday, said the current petrol price of between N162 and N165 per litre would stay.
He 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 market realities.
“The current price of petrol will be retained in the month of June until the ongoing engagement with organised 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.”
