Tinubu rules out increment in fuel price

President Bola Tinubu has said the current price of petrol would not rise despite foreign exchange volatility that appears to have pushed the landing cost of the product higher.

Tinubu, after meeting some of his key advisers, assured that his administration is already taking steps that would curb the increase of fuel prices in the country without having to reverse the nation’s decision to exit the subsidy regime.

President Tinubu’s assurances were relayed to journalists at the Presidential Villa, Abuja, on Tuesday by his special adviser on media and publicity, Ajuri Ngelale, who disclosed that the president is taking steps to clean up inefficiencies within the petroleum industry.

It would be recalled that the Nigerian Labour Congress (NLC) had threatened to embark on an indefinite nationwide strike if the prices of PMS increased above what they currently are.

The threat, therefore, triggered rumours that fuel prices might be increased again.

Reacting to the threat by the organized Labour, the president noted that such a move was premature, urging all stakeholders to be circumspect in reacting to the current situation, even as he appealed for calm from all citizens.

According to Ngelale, “The official position is that there is no increase in prices at this time and that Mr. President is convinced based on the 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.”

Speaking further, the presidential spokesman said, “The president wishes, first, to state that it is incumbent upon all stakeholders in the country to hold their peace. We have heard, very recently, from the organized Labour movement in the country with respect to their most recent threat.

“We believe that the threat was premature and that there is a need on all sides to ensure that fact-finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.”