The embargo, data compiled by Platforms Africa shows, is the fifth announced by the government in 2021 + how oil minister read riot act to marketers on hoarding, profiteering
The Nigerian Government on Friday announced another embargo on the price of Premium Motor Spirit (PMS) also known as petrol in June, a move that will make it continue payment of subsidy on the product for the month.
Latest data from the Nigeria Governors’ Forum (NGF) put the monthly subsidy payment at N210 billion.
The price hike embargo, data compiled by Platforms Africa shows, is the fifth in 2021.
“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,” a statement personally signed by the minister of state for Petroleum Resources, Timipre Sylva, read.
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The current price of petrol, the statement continued, “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 activity that could jeopardize the seamless supply and distribution system in place.”
Sylva added; “I also urge 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.”
