Federal Govt Battle Market Forces To Stabilise Petrol Pump Price
Di federal government, FG dey battle to stabilise di pump price of premium motor spirit (PMS) after di removal of subsidy on May 29, 2023 wey make di price skyrocket in response to market forces, naira depreciation, and rising cost of crude oil for di international market.
As di matter be so, petrol pump price don rise two times since subsidy removal start, moving from N185 to over N500 in May, and later to N617 in July. Also, dis matter don increase di cost-of-living for Nigeria.
Inside related development, di Kenyan government temporarily reverse subsidy removal for di East African kontri following outcry from di populace.
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President Bola Tinubu, yesterday, give assurance say di government go implement measures to sustain di existing pump price of PMS for di nation. He confirm am say price hike no go dey for any region of di kontri.
However, hin tok say dem no go change di stand on subsidy removal.
Presidential spokesman, Ajuri Ngelale, wey reveal dis tori to State House correspondents, yarn say di official stance be say price increase no go dey for now.
According to am, di president belief dey rooted for di fact say dem fit maintain di current price even as dem dey try address di problem within di midstream and downstream petroleum sector.
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