There Will Be No fuel Price Increase – Tinubu

By - LagosCityReporters 16 August 2023 Comments (0) 1 Mins Read

President Bola Tinubu on Tuesday, August 15 assured Nigerians that there will be no increase in the pump price of Premium Motor Spirit (PMS), or petrol, anywhere in the country.

According to the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the petroleum market has been deregulated and will remain same way.

He stated that the FG 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 (NNPC) Limited said it had no plan to raise the pump price of petrol.

In a terse statement on Monday night, the company urged Nigerians to disregard speculations of a fresh hike in the price of the premium product.

The NNPC has repeatedly increased pump prices of Premium Motor Spirit (PMS), or petrol, since the May 29 declaration of President Bola Tinubu that “fuel subsidy is gone”.