Tinubu Says No Plans To Increase Petrol Price

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Nigerian President, Bola Ahmed Tinubu.

Abuja, August 16 - (Mediaage NG News) – President Bola Tinubu of Nigeria has assured that the current price of petrol will remain unchanged, saying “there is no plan to increase the prices of fuel at this time”.

Earlier this week, Nigerian oil marketers warned of a likely increase in petrol price, which would make it the third time since the president assumed office late May. They cited the country’s foreign exchange crisis as a reason.

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Spokesman for the Nigerian presidency, Ajuri Ngelale disclosed that Mr Tinubu and stakeholders in the petroleum industry are convinced of keeping up with the current price of fuel without “reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector”.

In a similar statement, the Nigerian state oil company, NNPC, posted on online, explaining that there was no intention to increase pump prices of petrol, as widely speculated.

The Nigerian naira has continued to experience a free fall at the foreign exchange market since the government unified the exchange rates, causing the cost of getting fuel to the customer to rise recently.

Since the removal of the fuel subsidy, Nigerians have been facing rising costs of food items and increased transportation fares amid high inflation rates.

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