ABUJA, Nigeria — Amidst swirling speculations and rising tensions regarding a potential hike in petrol prices, President Bola Tinubu reaffirmed on Tuesday, August 15, 2023, that Nigerians would not face an increase in the pump price of Premium Motor Spirit, PMS, commonly known as petrol, throughout the nation.
Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, underscored that the petroleum market will remain deregulated.
He articulated the government’s commitment to addressing inefficiencies prevalent in the midstream and downstream petroleum sectors.
This approach, he believes, will stabilize prices without necessitating any reversal of the administration’s ongoing petroleum industry policies.
These assurances from the presidency arrived on the heels of a recent statement by the Nigerian National Petroleum Company, NNPC, Limited, firmly denying any plans to increase petrol prices.
On Monday, August 14, 2023, the declaration called for the public to dismiss speculations of impending hikes, especially in light of warnings from the Nigeria Labour Congress, NLC.
The NLC, under the leadership of President Joe Ajaero, sounded a stark warning on Monday, August 14, 2023, highlighting their readiness to initiate an indefinite strike should the NNPC Limited proceed with another hike in petrol prices.
The backdrop of this heightened apprehension is the serial price increases by the NNPC Limited, particularly since President Tinubu’s May 29 proclamation that the “fuel subsidy is gone.”
Following this declaration, petrol prices surged from approximately N185 to a staggering N617 last month, nearly tripling quickly.
This abrupt escalation sparked widespread indignation, culminating in a nationwide protest just a fortnight ago.
