National Telescope national telescope newspaper
Olatunde Oluwasola
President Bola Tinubu confirmed that the federal government’s stance on maintaining the current petrol price without reversing the subsidy removal policy remains steadfast. He emphasized that the Nigeria Labour Congress’ (NLC) threat to shut down the economy due to rumored fuel price increases was premature, urging all stakeholders to keep the peace.
Tinubu assured the public that there would be no further hikes in petrol prices across the nation. The Nigerian National Petroleum Company (NNPC) affirmed late last night that there were no plans to increase the pump price of petrol, aiming to alleviate concerns.
In contrast, Kenya, which previously removed fuel subsidies similar to Nigeria, has reintroduced fuel subsidy measures to combat surging prices of petrol, kerosene, and diesel for a period of 30 days.
Ajuri Ngelale, the Special Adviser to the president on Media and Publicity, shared insights after discussing the situation with President Tinubu. Ngelale highlighted that the president’s commitment lies in sustaining competitive dynamics within the petroleum industry and ensuring that no single entity dominates the sector. He also presented graphics demonstrating that Nigeria’s current petrol costs remain more affordable compared to other West African countries.
NNPC’s spokesperson, Muhammad Garbadeen, firmly stated that there were no intentions to increase petrol prices for the third consecutive time after the removal of the subsidy on May 29, 2023. NNPC Retail Stations nationwide were urged to provide quality products at affordable prices.
Furthermore, the Kenyan government reintroduced fuel subsidies as a response to public outcry over high living costs and inflation. The Energy and Petroleum Regulatory Authority (EPRA) announced that oil marketing companies would receive compensation from the Petroleum Development Fund to alleviate the impact of rising fuel prices.
