Nigeria’s President, Bola Tinubu, has provided reassurance to the nation’s citizens, confirming that the existing petrol price will remain unchanged as there is “no intention to raise fuel prices at present.”
This affirmation comes in response to warnings issued by certain oil marketers, predicting a potential third increase in petrol prices since President Tinubu’s assumption of office in late May. These warnings were attributed to Nigeria’s ongoing foreign exchange challenges.
However, President Tinubu’s spokesperson, Ajuri Ngelale, conveyed to BBC News that both Mr. Tinubu and industry stakeholders are firmly convinced that they can uphold the current pricing structure without making any adjustments.
“Reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector”.
Similarly, Nigeria’s state oil company, NNPC, posted a statement online, explaining that “we do not have the intention to increase our pump prices as widely speculated”.
Since the government harmonised the exchange rates, the naira has continued to plunge on the foreign currency market, driving up the price of getting petroleum to customers.
Nigerians have been dealing with rising food prices and higher transportation costs due to high inflation rates since the elimination of the gasoline subsidy.