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Tinubu: Fuel price to stay put amidst deregulation

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Tinubu: Fuel price to stay put amidst deregulation

President Bola Tinubu reassured Nigerians on Tuesday that there would be no increase in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, anywhere in the country.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, emphasized that the market has been deregulated and will continue to remain so.

He underlined that the government will address inefficiencies within the midstream and downstream petroleum subsectors to maintain current prices, without needing to reverse the administration’s policy in the petroleum industry.

This statement follows less than 24 hours after the Nigerian National Petroleum Company (NNPC) Limited confirmed that it had no plans to raise the pump price of petrol.

READ ALSO: NNPC assures no more fuel price increase

In a concise statement on Monday night, the company urged Nigerians to dismiss speculations about a potential price hike, likely in response to the Nigeria Labour Congress’ (NLC) warning.

NLC President, Joe Ajaero, had cautioned on Monday that the organization would initiate an indefinite strike if the NNPC Limited raised petrol prices again.

The Federal Government-owned company has frequently increased pump prices of petrol since President Bola Tinubu’s announcement on May 29 that the “fuel subsidy is gone.”

Prices surged from around N185, skyrocketing to approximately N500, and further up to N617 last month. These increases sparked outrage, culminating in a nationwide protest two weeks ago.

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