The presidency has officially declared that there will be no increase in petroleum product prices at the present moment.
A Twitter post from the Nigerian Television Authority read:
“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.”
Nairametrics reports that the decision supports the ongoing commitment to the deregulation policy, emphasizing swift and efficient measures to address any inefficiencies within the midstream and downstream sectors of the Petroleum industry.
Accordingly, the move aims to strike a balance between market realities and the welfare of Nigerian citizens.
Earlier, indications were rife that President Bola Tinubu was considering a temporary subsidy due to complaints from Nigerians.
The price of goods and services has skyrocketed since the Tinubu-led administration introduced the policy.
