President Bola Ahmed Tinubu has assured Nigerians that will be no increase in pump price of petrol this time.
This was disclosed by Mr Ajuri Ngelale while addressing journalists at the Presidential Villa on Tuesday.
According to Ngelale, “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.”
While debunking purported pending increase in pump price of fuel, Ngelale said, “Mr. President and the industry stakeholders who have been widely consulted are convinced, based on information before them, 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 is why there is no increase in prices at this time.
Ngelale disclosed that he met with the President earlier in the day, and “discussed the current unfolding situation in the country as it relates to fuel supply and demand.”
Hold the peace, Tinubu urges Labour, others
According to the presidential spokesman, “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 organized 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. We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.
Tinubu to maintain competitive tension in petroleum industry
“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 cue 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.
