No fuel price increase, Tinubu reiterates NNPCL earlier stand

President Bola Tinubu has reiterated an earlier statement by the Nigeria National Petroleum Corporation Limited (NNPCL), saying there will be no increase in price of petrol price in the country.

There had been widespread reports across the country over planned increase in petrol price across the country.

This was promptly denied by the NNPC Limited in a statement on Monday.

Special Adviser to the President on Media and Publicity Ajuri Ngelale also reiterated. He further stated that the president is putting plans in place to ensure “not be any single one  entity dominating the market”.

He said, “Mr. President wishes to assures Nigerians following the announcement by the NNPC Limited just yesterday, that there will be no increase in the pump price of a petroleum motor spirit anywhere in the country. We repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.

“We also wish to affirm that the president is determined to maintain competitive tension within sub-sectors of the petroleum industry.

“He is determined to ensure that our policy dawn up, well as policy implemented follows the cue that there will not be any single one  entity dominating the market. The market has been deregulated. It has been liberalized and we are moving forward in that direction without looking back.

“The president also wishes to affirm that there are presently inefficiencies  within the midstream and downstream petroleum subsectors once very swiftly, addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration’s deregulation policy in the petroleum industry.”