President Bola Ahmed Tinubu has allayed the fear of a possible fuel price increase, saying there will not be anything of the sort soon.
The president made this known through his spokesman Ajuri Ngelale on Tuesday evening, August 15, 2023.
According to Ngelale, the market has been deregulated and will remain so.
He stressed that government will address the inefficiencies within the midstream and downstream petroleum subsectors.
He said this move is to maintain prices where they are without having to resort to a reversal of the administration’s policy in the petroleum industry.
Ngelale said: “The official position is that there is no increase in prices at this time and that Mr President is convinced, based on the information before him, that we can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector.”
This comes less than 24 hours after the Nigerian National Petroleum Company (NNPC) Limited said it is not planning to raise the pump price of petrol.
The NNPC, in a statement on Monday night, reacting to the Nigeria Labour Congress (NLC) warning, urged Nigerians to disregard speculations of a fresh hike in the price of petrol.
NLC President, Joe Ajaero, had warned on Monday that it would embark on an indefinite strike in the event of another petrol price hike by the NNPC.
There had been repeated increase in pump prices of petrol by NNPC, since the May 29 declaration of Tinubu that fuel subsidy is no more.
From around N185, the prices moved up to around N500, and again up to N617 in July which sparked outrage and also led to a nationwide protest two weeks ago.