No Plans To Hike Petrol Price Again – Tinubu Assures Nigerians

BY EDMOND ODOK – Amid threats by the Nigeria Labour Congress (NLC) to go on indefinite strike if the petrol pump price goes above the current N617 per litre, President Bola Tinubu on Tuesday assured Nigerians that the government is not in any way planning another price hike in the immediate term.

The Presidential assurance is coming on the heels of hints by the National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chief Chinedu Ukadike, that Nigerians should expect a new round of fuel price increase soon due to the current forex crisis and obvious hike in the landing cost of petrol.

However, reacting to the latest development through his Media Aide, Ajuri Ngeale, the President told Nigerians that there won’t be any increment for now contrary to speculations in the public space.

According to the presidential Spokesperson; “This morning, I have the privilege of sitting down with his excellency president Bola Tinubu. As we discussed the current unfolding situation in the country as it relates to fuel supply and demand. The President wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace. We have heard very recently from the organized labour movement in the country with respect to their most recent threat.

“We believe that the threat was premature and that there is a need on all sides to ensure that fact-finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.

“Secondly, Mr President wishes to assure Nigerians following the announcement by the NNPC limited just yesterday that there will be no increase in the pump price of 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 all sub-sectors of the petroleum industry. He is determined to ensure that our policy drawn up as well as policy implemented follows the cue that there will not be any single 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 sub-sectors that 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.”

Recalled that in sounding the alarm bell of a possible hike in the fuel price, the IPMAN Spokesperson, Chief Ukadike had said; “Once there is a slack in the Naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.

“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.”

The IPMAN’s warning hints saw panic buying in some areas with some States already witnessing an upward review of the petrol pump price that subsequently led to the threat issued by the Labour Movement to shut down the country in the event that the development becomes official nationwide.