Nigerian President Bola Tinubu has stated that the current price of petrol will remain unchanged; assuring the populace that there is “no plan to increase the prices of fuel at this time”.
This comes after some oil marketers issued a warning that the price of petrol would increase once more, marking the third increase since the president took office in late May. According to them, the foreign exchange crisis in Nigeria is to blame for this.
However, the president’s spokesperson, Ajuri Ngelale, told the media that Mr. Tinubu and the industry stakeholders are confident they can maintain current pricing “reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector”.
The state-owned oil company of Nigeria, NNPC, also released a statement online in which it clarified that “we do not have the intention to increase our pump prices as widely speculated”.
Since the government unified the exchange rates, the naira has continued to experience a free fall on the foreign exchange market, driving up the price of getting fuel to the consumer recently.
Nigerians have been dealing with rising food prices and higher transportation costs due to high inflation rates since the removal of the fuel subsidy.
Source-BBC
