{"id":106981,"date":"2023-08-15T21:03:58","date_gmt":"2023-08-15T20:03:58","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=106981"},"modified":"2023-08-15T21:03:58","modified_gmt":"2023-08-15T20:03:58","slug":"well-maintain-petrol-price-without-subsidy-reversal-tinubu","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/well-maintain-petrol-price-without-subsidy-reversal-tinubu\/","title":{"rendered":"We\u2019ll maintain petrol price without subsidy reversal \u2013 Tinubu"},"content":{"rendered":"
President Bola Tinubu on Tuesday said that the government will take measures to maintain the current pump price of Premium Motor Spirit, PMS, in the country without a reversal of its policy on subsidy removal.<\/p>\n

The President also said that the threat by the Nigeria Labour Congress, NLC, to shut down the economy over rumoured plan to increase the fuel price was premature and said it was incumbent on all stakeholders to maintain their peace.<\/p>\n

He said that there will be no increase in the price in any part of the country.<\/p>\n

The Special Adviser to the president on Media and Publicity, Ajuri Ngelale,\u00a0 disclosed briefing while briefing State House correspondents at the Presidential Villa, Abuja.<\/p>\n

The media briefing was after the presidential spokesman had met with the president on the issue following the threat by the NLC to go on strike without notice if the fuel price is increased again.<\/p>\n

According to him, the official position is that there is no increase in prices at this time as \u201cthe 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.\u201d<\/p>\n

He said it is incumbent on all stakeholders to hold their peace and endeavour to do due dillegence to assertain the true position.<\/p>\n

According to him, the president is intent on maintaining competitive tension to ensure that no single imdividual or organization dominates the sector.<\/p>\n

Ngelale said the goverment will address the ineficiencies in the midstream and downstream petroleum value chains so that the price can be stabilized.<\/p>\n

The presidential spokesman presented a chart to prove that the cost of petrol is still much more cheaper in Nigeria than in other West African countries.<\/p>\n

Ngelale stated: \u201cThis morning, I have the privilege of sitting down with His Excellency President Bola Tinubu as we discussed the current unfolding situation in the country as it relates to fuel supply and demand.<\/p>\n

\u201cThe president wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace.<\/p>\n

\u201cWe have heard very recently from the organized labour movement in the country concerning their most recent threat.<\/p>\n

\u201cWe believe that the threat was premature and that there is a need on all sides to ensure that fact finding and diligence is done on what the current state of the downstream and midstream petroleum industry is before any threats or conclusions are arrived at or issued.<\/p>\n

\u201cSecondly, Mr. President wishes to assure Nigerians following the announcement by the NNPC limited just yesterday that there will be no increase in the pump price of petroleum motor spirit anywhere in the country.<\/p>\n

\u201cWe repeat, the president affirms that there will be no increase in the pump price of petroleum motor spirit.<\/p>\n

\u201cWe also wish to affirm that the president is determined to maintain competitive tension within all sub sectors of the petroleum industry.<\/p>\n

\u201cHe is determined to ensure that our policy drawn up as well as policy implemented follows the cue that there will not be any single one entity dominating the market.<\/p>\n

\u201cThe market has been deregulated. It has been liberalized and we are moving forward in that direction without looking back.<\/p>\n

\u201cThe President also wishes to affirm that there are presently inefficiencies within the midstream and downstream petroleum sub sectors that once very swiftly addressed and cleaned up will ensure that we can maintain prices where they are without having to resort to a reversal of this administration\u2019s deregulation policy in the petroleum industry.<\/p>\n

\u201cI wish at this juncture to also provide a set of graphics which the president has authorized me to share with Nigerians that otherwise would be confidential. These are graphics supplied to Mr. president by the NNPCL.<\/p>\n

\u201cIn the graphic, what you will find is the present cost of refined petroleum motor spirit at the pump in each of the West African nations that neighbour us and I\u2019ll just name some for example, even as I know, you will be showing your audiences the graphics, which the president has graciously approved for public release today.<\/p>\n

\u201cSenegal at pump price today of N1,273 equivalent per liter, Guinea at N1,075 per liter, C\u00f4te d\u2019 Ivore at N1,048 per litre equivalent in their currency, Mali N1,113 per litre, Central African Republic N1,414 per litre, Nigeria is presently averaging between N568 and N630 per litre.<\/p>\n

\u201cWe are presently the cheapest, most affordable purchasing state in the West African sub-region by some distance. There is no country that is below N700 per liter.<\/p>\n

\u201cSo, this is the backdrop we have seen that at the inception of our deregulation policy as of June 1 as Mr. President took office, we have seen PMS consumption in the country drop immediately from 67 million litres per day consumption, down to 46 million litres per day consumption. The impact is evident.<\/p>\n

\u201cWhat it also does mean though, is that we are not at the end of the tunnel. There is still a bit of darkness to travel through to get toward the light. And we are pleading with Nigerians to please be patient with us.<\/p>\n

\u201cAnd as we promised from the beginning, we will be open with Nigerians will be transparent with them. And we are ready to show you exactly what it is that our nation is facing with respect to the illiquidity in the market in terms of foreign exchange, as a result of what is now known to have been a gross mismanagement of the Central Bank of Nigeria over the course of several years preceding this time.\u201d<\/p>\n

<\/div>\n
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President Bola Tinubu on Tuesday said that the government will take measures to maintain the current pump price of Premium Motor Spirit, PMS, in the country without a reversal of…<\/p>\n","protected":false},"author":1,"featured_media":105391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-106981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"\nWe\u2019ll maintain petrol price without subsidy reversal \u2013 Tinubu - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/well-maintain-petrol-price-without-subsidy-reversal-tinubu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"We\u2019ll maintain petrol price without subsidy reversal \u2013 Tinubu - 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