President Bola Tinubu has said there will be no further increase in the pump price of Premium Motor Spirit (PMS), also known as petrol, anywhere in the country.
Nigerian National Petroleum Company Limited (NNPCL )made this known in a statement posted on its social media handles on Monday.
The message read: “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide,” .
Meanwhile the Special Adviser to the President on Media and Publicity, Ajuri Ngelale on Tuesday, said the market has been deregulated and will remain so.
He explained that government will address the inefficiencies within the midstream and downstream petroleum subsectors to maintain prices without reversing the administration’s policy in the petroleum industry.
The reactions come amid speculation of an upward review of fuel pump prices.
In a related development the Nigeria Labour Congress (NLC) has threatened to declare a nationwide strike if there is further hike in the pump price of petrol from the existing N617 naira.
The NLC vowed to proceed on total, comprehensive and indefinite nationwide shutdown of the country.
According to its President, Joe Ajaero, while speaking at the African Trade Union Alliance Meeting in Abuja, where Labour also warned against undermining the demands of the union.
Oil marketers had indicated that the cost of petrol would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade for as high as N910 to N950 at the parallel market.
They also hinted that dealers seeking to import petrol were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.
