President Bola Tinubu on Tuesday announced that his government was not ready to return the country back to the days of subsidy regime on petrol, insisting that pump price at the station will also not be increased.
Special Adviser on Media and Publicity to the President Ajuri Ngelale who disclosed this said the administration was convinced that the current market pricing of petrol can be sustained without necessarily adjusting upward the pump price of petrol.
“The official position is that there is no increase in prices at this time and that Mr. President is convinced based on information before him that we can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector,” the presidential spokesman told reporters.
According to Ngelale, the market has been deregulated, it has been liberalized and the country is moving forward in that direction without looking back.
Statistics made available by the Presidential spokesman indicate that Nigeria’s price of petrol at the pump remains the lowest within the West African sub-region.
Senegal’s pump price today of N1,273 equivalent per liter, Guinea at N1,075 per liter, Côte d’ Ivore at N1,048 per litre equivalent in their currency, Mali N1,113 per litre, and Central African Republic N1,414 per litre. Nigeria is presently averaging between N568 and N630 per litre, Ngelale said.
See below the statistical graphics—