The presidency on Tuesday declared that there will be no increase in petroleum product prices despite the push by some oil marketers for an increase from the current N617 per litre to N720.
President Bola Tinubu in a statement from the Presidency said that based on the current data and reports available to him, Nigeria can sustain its existing pricing model.
He said Nigeria can maintain current pricing without reversing the nation’s deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.
It said, “The presidency says there is no increase in petroleum product prices at this time as the President is convinced based on the information before him that, Nigeria can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.â€
The decision of the presidency is in line with the statement made by the Retail arm of the Nigeria National Petroleum Company Limited where it debunked a fresh plan to increase the price of Premium Motor Spirit popularly called petrol.