The market has been deregulated and will remain so, according to Ajuri Ngelale, Special Advisor to the President on Media and Publicity.
On Tuesday, President Bola Tinubu reassured Nigerians that the cost of Premium Motor Spirit (PMS), or petrol, at the pump will not increase.
The market has been deregulated and will remain so, according to Ajuri Ngelale, Special Advisor to the President on Media and Publicity.
He stressed that instead of having to resort to changing the administration’s strategy in the petroleum business, it will fix the inefficiencies within the midstream and downstream petroleum subsectors to maintain prices where they are.
Less than a day prior, the Nigerian National Petroleum Company (NNPC) Limited stated that it has no plans to increase the price of petrol at the pump.
The corporation advised Nigerians to ignore rumours of a new price increase for the premium product in a curt message on Monday night, apparently in reaction to the Nigeria Labour Congress’ (NLC) warning.
Joe Ajaero, the president of the NLC, issued a warning on Monday stating that if the NNPC Limited increased the price of fuel again, the NLC would go on an indefinite strike.
Since President Bola Tinubu’s proclamation that “fuel subsidy is gone” on May 29, the Federal Government-owned firm has repeatedly raised pump prices for Premium Motor Spirit (PMS), or petrol.
Prices surged from about N185 to about N500 and then up to N617 last month. causing outrage that two weeks ago resulted in a massive protest.
