Tinubu: petrol price won’t go up, subsidy removal stays

Those hoping for a walkback on petrol subsidy withdrawal should forget it, the Presidency said yesterday.

Petrol price will not go up, it added, but explained that subsidy withdrawal will not be reversed.

“There is no increase in prices at this time.

“Mr. President is convinced, based on the 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 sectors,” presidential spokesman Ajuri Ngelale said.There had been hikes in pump prices as market forces took control since the President declared in his inauguration address that “fuel subsidy is gone”.

Following rumours of a hike at the weekend, there was panic buying in some places, with Labour threatening a nationwide strike without notice should there be a further price adjustment.

The Nigerian National Petroleum Company Limited (NNPCL) said it had no plan to adjust the current pump price.

Ngelale stressed that Labour’s strike threat was premature.

He told reporters at the Presidential villa that the steps being taken to clean up inefficiencies within the petroleum industry continue.

He said: “The President wishes, first, to state that it is incumbent upon all stakeholders in the country to hold their peace.

“We have heard, very recently, from the Organised Labour movement about their most recent threat.

“We believe that the threat was premature and that there is a need for all sides to ensure that fact-finding and diligence are done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.

“Secondly, Mr. President wishes to assure Nigerians following the announcement by the NNPCL that there will be no increase in the pump price of Premium Motor Spirit (PMS) anywhere in the country.

“We repeat, the President affirms that there will be no increase in the pump price of PMS.

“The President is determined to maintain competitive tension within all sub-sectors of the petroleum industry.