But the increase in the price of crude oil in the international market could further increase the price of petroleum at the filling stations despite the promise by President Tinubu that PMS price will not increase further.
Last month, President Tinubu had promised that price would be maintained by “addressing the inefficiencies within the midstream and downstream petroleum subsectors to maintain prices where they are without having to resort to a reversal of the administration’s policy in the petroleum industry.” “That Nigerians will have choices and they will not be exploited. We will be the market balancer. We will create stability in the market and Nigerians will not be exploited,” he said.
“Yes. It is inevitable because they adjust prices depending on the market realities, i.e, forces of demand and supply,” Adeniran says while responding to a question on the chance of a price hike.President Tinubu had in a national broadcast in August promised to invest N100 billion in Compressed Natural Gas buses to mitigate the impact of subsidy removal.
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