Tinubu Assures Maintenance of Petrol Price without Subsidy Reversal
President Bola Tinubu has stated that the federal government aims to sustain the current pump price of Premium Motor Spirit (petrol) in Nigeria without reverting its stance on subsidy removal. He emphasized that the Nigeria Labour Congress’ (NLC) threat of an economic shutdown due to rumored fuel price increase was premature and urged all stakeholders to maintain peace. The President assured that there are no plans for another petrol price hike.
NNPC Denies Plan for New Petrol Price Hike
The Nigerian National Petroleum Company (NNPC) affirmed that it does not intend to raise the pump price of petrol for the third time since the removal of petrol subsidy on May 29, 2023. NNPC emphasized its commitment to providing quality products at affordable prices.
Kenya Reinstates Fuel Subsidy to Tackle Soaring Prices
In response to rising prices of petrol, kerosene, and diesel, the Kenyan government has reinstated a fuel subsidy for a period of 30 days. This decision comes after months of protests against high living costs and a reduction in inflation. The compensation for oil marketing companies will be sourced from the Petroleum Development Fund.
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