April 16, 2024

President Tinubu mulls plan to clean up downstream, midstream sectors, maintain current pump prices

Oredola Adeola

 

 

President Bola Tinubu has considered the plan to swiftly clean up existing inefficiencies within the midstream and downstream petroleum sector, as a way of maintaining current pricing without reversing the deregulation policy.

 

EnergyDay obtained this in a newsflash shared by the Nigerian Television Authority (NTA) and credited to the presidency on Tuesday.

 

The Presidency in the statement said that there is no increase in petroleum product prices at this time. The statement was the Federal Government’s reaction to speculations by the petroleum product marketers of purported increase in pump price of the Premium Motor Spirit (Petrol) amidst foreign exchange volatility.

 

 

According to the statement, President Bola Tinubu is convinced, based on the information before him, that Nigeria can maintain current pricing without reversing the deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.

 

 

EnergyDay gathered that the move by President Tinubu was aimed at promoting fuel availability, increasing oil revenues, promoting transparency and efficiency, creating employment opportunities, and reducing the price of refined petroleum products in Nigeria.