President Bola Tinubu has assured Nigerians that there will be no increase in the pump price of petrol.
The President made the statement yesterday through his Spokesperson, Ajuri Ngelale.
President Tinubu acknowledged present inefficiencies within the midstream and downstream petroleum sub sectors which once addressed, will ensure that prices can be maintained without having to reverse the administration’s deregulation policy.
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The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, had asked Nigerians to expect another fuel price hike as a result of the forex crisis and the rise in the landing cost of fuel.
His statement led to panic buying in some places, and an upward review in the pump price of fuel in at least four states.
Subsequently, labour unions threatened to shut down the country if petrol prices went up again.