Tinubu Speaks On Speculated Increase In Petrol Pump Price

President Bola Tinubu has said that the pump price of petrol will not be increased further.

The president’s stance was disclosed by his special adviser on media and publicity, Ajuri Ngelale.

Ngelale in an interaction with the press in Abuja on Tuesday described the proposed strike by the NLC as premature.

President Bola Tinubu

He said, “The president wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace. We have heard very recently from the organised labour movement in the country with respect to their most recent threat.

“We believe that the threat was premature and that there is a need on all sides to ensure that fact-finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.

“Secondly, Mr. President, wishes to assure Nigerians, following the announcement by the NNPC limited just yesterday, that there will be no increase in the pump price of petroleum motor spirit anywhere in the country.

See Also: Petrol Hike Is Not Economics, But A Reign Of Impunity – NLC

“We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.”

Ngelale said Tinubu is determined to maintain competitive tension within all sub-sectors of the petroleum industry.

He said the president is determined to ensure that “our policy drawn up as well as policy implemented follows the cue that there will not be any single one entity dominating the market”.

“The market has been deregulated. It has been liberalised and we are moving forward in that direction without looking back,” Ngelale said. “The president also wishes to affirm that there are presently inefficiencies within the midstream and downstream petroleum sub-sectors that once very swiftly addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.”

Obiajulu Joel Nwolu

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