Tinubu: No Plans To Halt Subsidy Removal; Will Maintain Current Price

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President Bola Tinubu declared that the Federal Government would implement strategies to uphold the existing pump cost of Premium Motor Spirit (PMS), commonly referred to as petrol, within the nation.

This stance would be upheld without reverting its stance on the removal of subsidies. Tinubu further conveyed that the Nigeria Labour Congress’s early threat to disrupt the economy due to alleged plans of a fuel price hike was untimely. He emphasized the necessity for all stakeholders to maintain calm. The President assured that there would be no surge in petrol prices across the nation.

The Nigerian National Petroleum Company, NNPC Limited, affirmed last night that it had no intentions to elevate the per-litre pump price of petrol. This coincided with Kenya’s decision to reintroduce fuel subsidies for a 30-day period to counter the escalating costs of petrol, kerosene, and diesel.

This move followed a series of intense protests against the high cost of living and a gradual decrease in inflation from 7.9% in June to 7.3% last month. The Energy and Petroleum Regulatory Authority (EPRA) of Kenya revealed that oil marketing companies would receive compensation from the Petroleum Development Fund.

 

 

 

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