President Bola Ahmed Tinubu says his administration will soon take measures to stabilise the supply and demand of petrol in the country.
The Presidential spokesman, Ajuri Ngelale, announced this on Tuesday in Abuja.
Ngelale said the measures would involve addressing the inefficiencies in the downstream and midstream oil sector.
The President said there was no need for actions that are detrimental to the economy at this time.
He added that relevant groups should do some fact-finding and diligence on the current state of the petroleum industry.
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“The President wishes first to state that it is incumbent upon all stakeholders in the country to hold their peace.
“We have heard very recently from the organised labour movement with respect to their most recent threat.
“We believe that the threat is premature and that there is a need on all sides to do fact-finding and diligence on the current state of downstream and midstream petroleum industry.
“This is necessary before thehy conclude to issue any threats.
“Mr President wishes to assure Nigerians that there will be no increase in pump price of petrol in the country.
“This is as NNPC Limikted announced just yesterday,” Ngelale stated.
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According to him, the President said the government would continue to maintain a competitive environment within the petroleum industry.
“We will draw-up our policy and follow up with implementation such that there will not be any single entity dominating the market.
“The government has deregulated the market. And we are moving forward in that direction without looking back.
“There are presently inefficiencies within the midstream and downstream petroleum sub-sectors.
“Oncethe inefficiencies are swiftly addressed, we can maintain prices without having to resort to a reversal of this administration’s deregulation policy in the industry.”
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