August 15, (THEWILL) – President Bola Tinubu, on Tuesday, ruled out further increases in the pump price of petrol.
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who made this known, said President Tinubu emphasised that the policy of deregulation will continue to be implemented by his administration as no single entity will be allowed to control the market.
Ngelale told State House correspondents that the President acknowledges the inefficiencies in the downstream and upstream sectors of the oil and gas industry and there is already an ongoing process to tidy up that critical sector.
“The Presidency says there is no increase in petroleum product prices at this time as the President is convinced, based on the information before him, that Nigeria can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.
“President Tinubu says it is incumbent on all Stakeholders in the sector to hold their peace and he believes the threat of a nationwide strike by the Nigeria Labour Congress is premature, but urged them to rather do fact-finding into issues in the downstream and upstream sector.
“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,” he said.
