There will be no further increase in petrol price – Tinubu

Nigeria’s President, Bola Tinubu, says that the current petrol price will remain unchanged, as there are no immediate plans to raise fuel prices.

These reassurances come in response to warnings from certain oil marketers predicting a third increase in petrol prices since the president’s assumption of office in late May. These projections stem from Nigeria’s ongoing foreign exchange challenges.

Ajuri Ngelale, the president’s spokesperson, stated to BBC News that both Mr. Tinubu and key industry stakeholders are resolute in their belief that the current pricing can be sustained. This, they intend to achieve without compromising their deregulation policy. Their strategy involves swiftly addressing existing inefficiencies within the midstream and downstream petroleum sector.

Likewise, Nigeria’s state oil company, NNPC, issued an online statement clarifying its position. They asserted that there is no intention to implement the widely speculated pump price hikes.

The naira’s depreciation on the foreign exchange market has persisted since the government’s decision to unify exchange rates. This move has recently led to higher fuel costs for consumers.

Following the removal of fuel subsidies, Nigerians have grappled with escalating costs of essential food items and elevated transportation fares, all amidst a backdrop of elevated inflation rates.