President Bola Ahmed Tinubu has on Tuesday assured citizen of Federation Republic of Nigeria that there will be no further increase in the pump price of Premium Motor Spirit (PMS) otherwise known as Petrol, anywhere in the country.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, noted that the market has been deregulated and will remain so.
He went on to emphasize that government will address the inefficiencies within the midstream and downstream petroleum subsectors to maintain prices where they are without having to resort to a reversal of the administration’s policy in the petroleum industry.
This comes less than 24 hours after the Nigerian National Petroleum Company Limited (NNPCL) said it had no plan to raise the pump price of petrol in any of their outlet across the nation.
In a terse statement issued Monday night, the company urged Nigerians to disregard speculations of a fresh hike in the price of the premium product, an apparent response to the Nigeria Labour Congress’ (NLC) warning to embark on nationwide strike without notice if the hike in price petrol comes to play with current hardship being experienced by Nigerians.
The Federal Government-owned company has repeatedly increased pump prices of Premium Motor Spirit (PMS) otherwise known as petrol, since the May 29th declaration of President Bola Ahmed Tinubu that “fuel subsidy is gone”.
From around N185, the prices skyrocketed to N500, and again up to N617 last month, sparking outrage which culminated in a nationwide protest two weeks ago and yet another plan to hike the price of petrol to 720/ltr.