President Bola Tinubu declared Wednesday that the federal government would take action to maintain the nation’s existing Premium Motor Spirit, PMS, or fuel pump price without changing its position on the elimination of subsidies. In addition, he argued that the Nigeria Labour Congress’s (NLC) threat to shut down the economy in response to a rumored intention to raise petrol prices further was premature and emphasized that all parties involved must keep the peace. In every region of the nation, the President guaranteed that the price of fuel would not rise further. The Nigerian National Petroleum Company, NNPC Limited, declared late last night that it had no intention of increasing the pump price per litre of fuel.
In particular, following threats by the Nigeria Labour Congress, NLC, to go on strike without warning if fuel prices were increased once more, Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed these while briefing State House correspondents at the Presidential Villa, Abuja. He claims that the official stance is that prices are not rising at the moment because “the president is convinced, based on 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 to stabilise price.”
He asserted that it was the responsibility of all parties involved to be calm and make an effort to conduct appropriate research to determine the actual state of affairs. According to Ngelale, the President was determined to keep the market competitive so that no one person or group could control the industry. The Nigerian National Petroleum Company, NNPC Limited, also declared late Monday night that it had no plans to increase the pump price per litre of Premium Motor Spirit, PMS, generally known as fuel.
