15th August, 2023
In a move that will certainly excite many Nigerians, President Bola Ahmed Tinubu on Tuesday promised that there will no longer be any increase in the pump price of premium motor spirit, popularly known as petrol.
Spokesperson to the President Ajuri Ngelale, told journalists on Tuesday that the President gave him the assurance at a closed-door meeting he had with him.
“The president wishes to assure Nigerians, following the announcements by the Nigerian National Petroleum Company Limited (NNPC), just yesterday that there will be no increase in the pump price of petroleum motor spirit anywhere in the country,” said Ngelale.
“We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.”
The President’s spokesperson added that all loopholes associated with the smooth delivery of petroleum products in the country will be addressed without delay.
“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,” Mr Ngelale said.
The assurance followed reports that the price of petrol, will soon be jacked up from the current price of N617 to about N720.
Price of petrol increased from N194 per litre to N537 on May 30, and to N617 on July 19 following announcement of end to petrol subsidy by Tinubu in his May 29 inauguration speech.
However, the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) through its president, Bennett Korie, told journalist in Abuja on Monday that the price of petrol may be jacked up as the rate of naira to the dollar keeps going up.
“Definitely, the price of PMS will go up once dollar price goes up. If you are exchanging $1 for N950, it will go up.”
He added that, “We want to suggest that the government move into action on this dollar issue, otherwise diesel and petrol and other petroleum products will go higher than they are today.