President Bola Tinubu has assured Nigerians that there will be no hike in the pump price of petrol for now.
Tinubu’s reassurance follows concerns raised by Chief Chinedu Ukadike, the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), that the ongoing forex crisis and rising fuel landing costs could lead to an increase in fuel prices.
He explained, “If the naira weakens against the dollar, it affects many sectors. Forex demand and supply is crucial. It’s not just petroleum products; other manufacturers who import goods also need dollars.”
Ukadike further noted, “With the dollar reaching between N910 and N940, almost N1,000, petrol prices could rise to around N750/litre.”
READ ALSO: Zaria Mosque Collapse: Gov. Sani donates N8m to deceased victims
This announcement prompted panic buying in some areas, with fuel prices being adjusted upward in a few states.
Consequently, labor unions issued a threat of nationwide shutdown in response to the possibility of increased petrol prices.
However, President Tinubu, speaking through his spokesperson Ajuri Ngeale, has said there won’t be any increment for now.
“This morning, I had the privilege of discussing the unfolding fuel supply and demand situation with President Bola Tinubu,” Ngeale stated.
He continued, “The President emphasizes the importance for all parties to exercise restraint. We’ve recently heard from organized labor about their concerns, but we believe it’s premature to make conclusions.”
Ngeale further elaborated, “The President wishes to assure Nigerians, especially following NNPC’s recent announcement, that the pump price of petroleum motor spirit will not increase anywhere in the country. We reiterate: there will be no rise in petrol prices.”
Moreover, Ngeale highlighted the President’s commitment to maintaining a competitive landscape in the petroleum industry.
“The market remains deregulated and liberalized. Our policy ensures no single entity dominates the market,” he noted.
“The President also wishes to affirm that there are presently inefficiencies within the midstream and downstream petroleum sub sectors that once very swiftly addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.”
