FCT, Abuja – President Bola Tinubu has dismissed the wide report that there would be an increase in the pump petrol prices, reiterating his commitment to ensuring competitiveness in the petroleum industry.

Ajuri Ngelale, the spokesperson to the President, made the clarification on Tuesday, August 15, while addressing the state house correspondent on the fuel supply and demand situations in Nigeria, Arise TV reported

Fuel price in Niger is the cheapest in West Africa, presidency says

The president then urged stakeholders and Nigerians to keep calm and avoid unnecessary tension following the recent threat from the Nigeria Labour Congress (NLC).

President Tinubu acknowledged the shortcomings within the midstream and downstream sectors, adding that the deregulation policy would continue. Ngelale asserted that the pump prices in Nigeria were the most cost-effecting in the West African region.

The presidency then urged Nigerians to be patient with the policy and promised to maintain transparency on the issues, including the foreign exchange challenges due to past mismanagement of the central bank of Nigeria.

Following the fall of the naira at the forex market, the oil marketers hinted at the possible increase in the pump prices of petrol across the country.

On his inauguration, the president announced the removal of the subsidy on petrol. The announcement led to an immediate increase in the commodity by the market, which resulted in the increase of food and other commodities.

The organised labour had threatened nationwide protests and strikes but suspended the actions after its leadership met with President Tinubu at the presidential villa.