No To Subsidy Reversal, We Will Maintain Current Fuel Price- Tinubu Tells Nigerians Amid Hardship

President Bola Tinubu has disclosed that the federal government would take measures to maintain the current pump price of Premium Motor Spirit, PMS, otherwise known as petrol, in the country without a reversal of its policy on subsidy removal.

He also said the threat by the Nigeria Labour Congress, NLC, to shut down the economy over rumoured plan to further increase fuel price was premature, stressing that it was incumbent on all stakeholders to maintain their peace.

The President assured that there would be no further increase in the price of petrol in any part of the country.

The Nigerian National Petroleum Company, NNPC Limited, had earlier said it had no plan to raise the pump price per litre of petrol.

This came as the Kenyan government, which also removed fuel subsidy at a time Nigeria did same, reintroduced fuel subsidy to curb soaring prices of petrol, kerosene and diesel in the country, though for 30 days.

Special Adviser to the president on Media and Publicity, Ajuri Ngelale, disclosed these while briefing State House correspondents at the Presidential Villa, Abuja, shortly after meeting with President Bola Tinubu on the issue, especially following threats by Nigeria labour Congress, NLC, to go on strike without notice, if fuel price was again increased.

According to him, the official position is that there is no increase in prices at this time as “the 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 to stabilise price.”

He said it was incumbent on all stakeholders to hold their peace and endeavour to do due diligence to ascertain the true position of things.