President Bola Tinubu Ensures Stable Fuel Prices Amidst Subsidy Concerns

President Bola Tinubu has assured the public that the federal government is taking measures to maintain the current pump price of Premium Motor Spirit (PMS), commonly known as petrol, without reversing its policy on subsidy removal. Speaking in response to the threat of a potential shutdown by the Nigeria Labour Congress (NLC) over rumors of further fuel price hikes, President Tinubu emphasized the need for stakeholders to maintain peace. He affirmed that there would be no additional increase in petrol prices across the country.

In a late-night announcement, the Nigerian National Petroleum Company (NNPC) Limited stated its firm stance against any plans to raise the pump price per liter of petrol. The company’s spokesperson, Muhammad Garbadeen, assured customers that NNPC Retail had no intention of increasing petrol prices, urging customers to continue purchasing the best quality products at affordable rates from NNPC Retail Stations nationwide.

In a related development, the Kenyan government has reintroduced a fuel subsidy in an effort to curb soaring prices of petrol, kerosene, and diesel. The move follows months of anti-government protests fueled by high living costs and inflation. The Energy and Petroleum Regulatory Authority (EPRA), Kenya’s energy regulator, announced that oil marketing companies would be compensated from the Petroleum Development Fund to mitigate the impact of rising fuel prices. The reintroduction of the subsidy is expected to provide relief to Kenyan citizens grappling with economic challenges.