Staff Writer
Bola Tinubu, the president of Nigeria, claims that the present price of gasoline won’t change because there are no urgent plans to hike fuel costs.
These promises came in reaction to certain oil marketers’ fears that the president’s inauguration in late May would result in a third hike in gasoline prices. These predictions are a result of Nigeria’s persistent problems with foreign exchange.
The president’s spokesperson, Ajuri Ngelale, told BBC News that Mr. Tinubu and important industry players are steadfast in their conviction that the existing pricing can be maintained. They want to accomplish this without sacrificing their deregulation strategy. Their plan calls for promptly eliminating current inefficiencies in the upstream and downstream oil and gas industries.
The NNPC, the government-owned oil firm of Nigeria, also published a statement online outlining its viewpoint. They said that there is no plan to enact the hotly rumored pump price increases.
Since the government decided to synchronize currency rates, the naira’s devaluation in the foreign exchange market has continued. Consumers’ fuel expenditures have lately increased as a result of this action.
Following the elimination of gasoline subsidies, Nigerians have had to contend with rising prices for necessities like food and transportation, all against a backdrop of high inflation rates.
