Tinubu Rules Out Fresh Hike in Petrol Price, But Subsidy Removal Will Be Sustained

President Bola Tinubu reportedly rules  out a further increase in the pump price of petrol, which now ranges from N590 to N610 per litre

He, however, said his administration would not return to subsidizing petrol prices, or regulating it

The Presidential Spokesman, Ngilale Ajuri, made this known on Wednesday, while briefing the State House Correspondents after his meeting with President Tinubu on the public outcry over the rising price of petrol.

According to him, Tinubu said that the deregulation of the petroleum sector had come to stay.

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Tinubu, according to him, said several inefficiencies and loopholes in the midstream and downstream sectors of the petroleum sector, affecting the smooth delivery of petrol, would be immediately addressed.

The petroleum product marketers had already predicted that the pump price of a litre of petrol to hit N720, if the exchange rate of naira is allowed to hit N950 to a dollar.

In response, the Organized Labour had warned it would called out workers on a crippling strike without notification, in case of a further hike in the price of petrol.