Nigeria sheds light on petrol subsidy policy reversal as pump prices soar 

The Nigerian government on Tuesday dismissed local media reports of any plans to reverse petrol subsidies amid growing concerns about soaring pump prices for petroleum products.

Ajuri Ngelale, a spokesman for the President of Nigeria, told reporters in the capital Abuja that the government aims to maintain the current price bracket while addressing inefficiencies in the midstream and downstream oil sectors. .

The move is to "ensure that we can keep prices at current levels without having to reverse this administration's policy of deregulation in the oil industry," Ngelale said.

The government's rebuttal comes amid public outcry over the country's impending petrol pump price hike and the threat by unions that soon to begin an indefinite nationwide strike. country.

Ngelale further clarified that rather than reverting to subsidies, a very sensitive issue in the West African country, the government was committed to addressing the root causes of price increases at the pump and quickly addressing the issue. existing inefficiencies in the petroleum sector. “The market has been deregulated. It has been liberalized and we are moving in that direction without looking back,” he added.

In an effort to unleash the great potential of the country and map out a long-term economic growth roadmap, President Bola Tinubu, who took office on May 29, announced in his inauguration speech that the funds Petrol subsidies have long been eliminated. He pledged to redirect funding to infrastructure development.

Gasoline prices in Nigeria have increased since the removal of fuel subsidies, from less than 200 naira (about 26 US cents) per liter before May to more than 600 naira now.