Tinubu rules out new fuel price hike in Nigeria

President Bola Tinubu on Tuesday ruled out a new increase in the pump price of Premium Motor Spirit (PMS) also known as petrol in the country.

The president gave the assurance in a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale.

News emerged on Monday that the petrol marketers had concluded plans to increase the fuel pump price from the present N617 to N680 or N720 per litre in the coming days over the fluctuation in the currency exchange rate in the parallel market.

The Nigeria Labour Congress (NLC) had since threatened to embark on a “comprehensive and indefinite” nationwide strike if the federal government goes ahead with the planned increase in the product price.

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But President Tinubu assured Nigerians that the government was not contemplating any further increase in the fuel pump price anywhere in the country.

He insisted that the downstream sector of the petroleum industry has been deregulated and would remain so.

The president promised that the government would address the inefficiencies in the midstream and downstream petroleum subsectors to maintain prices without having to resort to a reversal of the administration’s policy in the industry.

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