No Plan To Increase Fuel Price-Tinubu

Posted by Rotimi Fadeyi Latest Headlines, News Across Nigeria Wednesday, August 16th, 2023

…. Assures Price Stability

(AFRICAN EXAMINER) – President Bola Tinubu has assured that there is no plan to increase pump price of fuel.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale while briefing State House Correspondents at the Presidential Villa on Tuesday said that the President was convinced that the country can maintain current pricing without reversing deregulation policy.

“The official position is that there is no increase in prices at this time and that Mr. President is convinced based on 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”, Ajuri said

” 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 premium motor spirit anywhere in the country. We repeat, the President affirms that there will be no increase in the pump price of premium motor spirit.

Ajuri further said, “we also wish to affirm that the President is determined to maintain competitive tension within all sub-sectors of the petroleum industry, he is determined to ensure that our policy drawn up, as well as policy implemented, follows the queue that there will not be any single one entity dominating the market. The market has been deregulated. It has been liberalized and we are moving forward in that direction without looking back.

“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”, he added.