Those hoping for a walkback on petrol subsidy withdrawal should forget it, the Presidency said yesterday.
Petrol price will not go up, it added, but explained that subsidy withdrawal will not be reversed.
“There is no increase in prices at this time.
“Mr. President is convinced, based on the 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 sectors,” presidential spokesman Ajuri Ngelale said.
There had been hikes in pump prices as market forces took control since the President declared in his inauguration address that “fuel subsidy is gone”.
Following rumours of a hike at the weekend, there was panic buying in some places, with Labour threatening a nationwide strike without notice should there be a further price adjustment.
The Nigerian National Petroleum Company Limited (NNPCL) said it had no plan to adjust the current pump price.
Ngelale stressed that Labour’s strike threat was premature.
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