President Bola Tinubu has assured that the government will implement measures to uphold the existing pump price of Premium Motor Spirit (PMS) otherwise known as petrol, in the country, without reverting its stance on subsidy removal.
He affirmed that there will be no more price hike in any region of the country.
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who disclosed this to State House correspondents on Tuesday evening, said that the official stance remains that there will be no price increase at present.
Ngelale said the goverment will address the ineficiencies in the midstream and downstream petroleum value chains so that the price can be stabilised.
The presidential spokesman presented a chart to prove that the cost of petrol is still much cheaper in Nigeria than in other West African countries.
Ngelale stated: “This morning, I have the privilege of sitting down with His Excellency President Bola Tinubu as we discussed the current unfolding situation in the country as it relates to fuel supply and demand.
“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 organized labour movement in the country concerning their most recent threat.
“We believe that the threat was premature and that there is a need on all sides to ensure that fact finding and diligence is 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 NNPC limited just yesterday that there will be no increase in the pump price of petroleum motor spirit anywhere in the country.
He said the President’s conviction was rooted in the belief that the current pricing can be maintained while addressing inefficiencies within the midstream and downstream petroleum sectors without a policy reversal on deregulation.
President Tinubu also noted that the organised Labour’s threat of an unannounced strike was premature in light of the developments.
The presidential aide said it was incumbent on all stakeholders to hold their peace and endeavour to do due diligence to assertain the true position of things.
He said the President was intent on maintaining competitive tension to ensure that no single individual or organisation dominated the sector.
