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President Bola Tinubu reassured Nigerians on Tuesday that there will be no forthcoming hike in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across the nation.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, emphasized that the market has undergone deregulation and will continue to operate as such. He highlighted the government’s commitment to addressing inefficiencies within the midstream and downstream petroleum subsectors. The goal is to maintain current prices while avoiding any need to reverse the administration’s petroleum industry policy.
This statement follows closely on the heels of an announcement by the Nigerian National Petroleum Company (NNPC) Limited, made less than 24 hours ago, stating that there are no plans to increase the pump price of petrol. In a concise message issued on Monday night, the company urged Nigerians to dismiss speculations regarding a potential hike in the price of this premium product. This response seems to be prompted by the Nigeria Labour Congress’ (NLC) cautionary message.
NLC President Joe Ajaero issued a stern warning on Monday, indicating that an indefinite strike would be initiated should NNPC Limited implement yet another hike in petrol prices.
Since President Bola Tinubu’s announcement on May 29 that the “fuel subsidy is gone,” the government-owned company has persistently raised the prices of Premium Motor Spirit (PMS), or petrol. Starting from approximately N185, these prices have soared to N500, and even spiked further to N617 just last month. This surge has ignited widespread outrage, climaxing in a nationwide protest a fortnight ago.
