President Bola Tinubu has declared that it’s monitoring the effects of the exchange rate and inflation on gasoline prices to determine if it’s necessary to review government policy on petrol subsidy removal.
Few weeks ago, prices of petrol at retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) skyrocketed from ₦537 to ₦617 per litre, while some outlets raised prices to an average of ₦610 to ₦640 per litre.
Tinubu said this at a broadcast on Monday in response to an indefinite strike declared by Organized labour billed to begin on Wednesday August 2, 2023 against the economic hardship caused by government policy on fuel subsidy.
President Tinubu also assured that the government may intervene when necessary for the subsidy regime, which he claimed benefited a few Nigerian elites, may return.
According to him, “We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene”.
The president announced the removal of subsidy on petrol on June 12, 2023, set aside to honour the winner of June 12, 1993, Presidential election, the late Chief Moshood Kashimawo Olawale (MKO) Abiola and other heroes of Nigerian democracy.