JUST IN: Threat to shutdown economy over fuel price increase premature, Tinubu tells NLC

***Assures no plan to increase pump price

By Harry Awurumibe, Editor Abuja Bureau

President Bola Ahned Tinubu on Tuesday told the organised labour led by the Nigeria Labour Congress, (NLC) that the threat to shutdown the country’s economy if the pump price of the Premium Motor Spirit (PMS) otherwise known as fuel is increased is premature....CONTINUE READING

Speaking through his Special Adviser on Media and Publicity, Chief Ajuri Ngelale, President Tinubu also assured that there is no plan to increase pump price of fuel, adding that there is adequate product availability in the country.

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Said he: “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”.

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He berated the Organized Labour’s agitation and threat to embark on a nationwide strike following the rumoured price increase, without research or confirmation of facts on the matter.

Tinubu maintained that the Petroleum Deregulation policy of government remains.

Ngelale said President Tinubu is determined to maintain competitive tension within all sub-sector, while ensuring that policies will not allow any single entity to dominate the market.

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The presidential aide also gave the assurance that the federal government remained committed to putting in place measures that will ameliorate the sufferings caused by the subsidy removal....CONTINUE READING

Mr Ngelale presented a graphic representation to indicate that Nigeria has the lowest price of petrol per liter in the West African sub region.