The presidency has formally proclaimed that there will be no price increases in petroleum products at this time.
According to a tweet from the Nigerian Television Authority:
“The presidency says there will be no increase in petroleum product prices at this time because the President is convinced, based on the information at his disposal, that Nigeria can maintain current pricing without reversing our deregulation policy by quickly cleaning up existing inefficiencies in the midstream and downstream Petroleum sectors.”
According to Nairametrics, the decision supports the continuous commitment to the deregulation agenda, emphasizing rapid and efficient actions to remove any inefficiencies in the petroleum industry’s midstream and downstream sectors.
As a result, the move seeks to achieve a balance between market realities and Nigerian welfare.
As a result, the move seeks to create a balance between market realities and the wellbeing of Nigerian residents.
Previously, there were reports that President Bola Tinubu was mulling a temporary subsidy in response to Nigerians’ grievances.
Since the Tinubu-led administration implemented the strategy, the cost of products and services has risen.