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No Going Back on Fuel Subsidy Removal, FG Insists

President Bola Tinubu has reiterated the government’s commitment to sustaining the current pump price of Premium Motor Spirit (PMS) in the country, without reconsidering its subsidy removal policy.

Affirming that there will be no price increase nationwide, the President’s special adviser, Ajuri Ngelale, conveyed this message during a media briefing held at the presidential villa in Abuja on Tuesday.

Ngelale highlighted that the official stance is to maintain current pricing, underpinned by the President’s confidence in addressing existing inefficiencies within the midstream and downstream petroleum sector.

This approach avoids a reversal of the deregulation policy. Emphasizing that the President wishes to avoid any hasty actions, Ngelale indicated that thorough assessment and diligence should precede any conclusions or threats, especially in response to recent statements from organized labor.

Furthermore, Ngelale clarified that the government’s intention is to foster a competitive environment within various segments of the petroleum industry, ensuring a balance that prevents any single entity from monopolizing the market. He stressed that the deregulation process has been completed, signifying a forward-looking perspective.

The President, while authorizing the release of confidential graphics, has provided comparative data on the current cost of refined premium motor spirit in neighboring West African countries. This data, presented by the NNPC Limited, underscores Nigeria’s relatively competitive pricing.

In summary, President Tinubu’s administration remains resolute in its decision not to revert on the subsidy removal policy, with an emphasis on addressing industry inefficiencies for price stability.

The President urges stakeholders to exercise patience, promote fact-finding, and maintain a competitive yet balanced market within the deregulated petroleum sector. The release of graphics demonstrating the comparative cost of petroleum in the West African region further supports the President’s stance.

For additional details and insights, the shared graphics provide a comprehensive visualization of the prevailing market dynamics across our neighboring nations.

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