Speculations are rife that President Bola Tinubu is considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to soar.
This is even as the special adviser to President Bola Tinubu on media and publicity, Ajuri Ngelale told Journalists on Tuesday that the President has promised that there will be no further increase in the petrol pump price.
Although sources said there is yet no final decision on the issue, but the proposal is “firmly on the table” as Nigerians continue to groan under harsh economic realities following the removal of petrol subsidy in May 2023.
Already, labour unions have threatened to embark on an indefinite strike if the petrol price further surges.
To assuage their anger, Ngelale said, “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 in the country with respect to their most recent threat.”
Speculations around another increase in the pump price of petrol (currently at over N600) have caused tensions across the country, leading to panic buying in the early hours of Tuesday.
The speculation follows a spike in the exchange rate, which reached an all-time high of N950 at the parallel market, and has also witnessed significant increases.