Real reason Tinubu is silence on petrol prices – Presidency

Aliyu Audu, Senior Special Assistant to President Bola Ahmed Tinubu on Public Affairs, has explained why the President did not address the rising cost of Premium Motor Spirit (PMS), commonly known as petrol, during his Independence Day speech.

According to Audu, this omission reflects Tinubu’s commitment to fully deregulating the oil and gas sector and focusing on sustainable energy solutions.

In an interview with Channels Television on Wednesday, Audu emphasized that the President is looking at long-term solutions, particularly in promoting alternative energy sources like Compressed Natural Gas (CNG), rather than implementing temporary measures to address the petrol crisis.

“President Tinubu is determined to deregulate the petroleum sector, which is why he is pushing for alternatives like the Compressed Natural Gas Initiative,” Audu said.

He added that while Nigerians want to hear about immediate price reductions, the reality is that petrol prices won’t drop significantly, even with deals like the Naira-for-crude agreement with Dangote Refinery.

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“The price of petrol is unlikely to come down by much,” Audu noted. “The government’s focus is on CNG as a sustainable solution to the high cost of fuel, and Nigerians need to explore new ways to power their vehicles.”

This explanation follows President Tinubu’s Independence Day address, where he urged Nigerians to remain patient as his administration implements measures to ease the economic strain on citizens.

The President acknowledged the current hardship but assured Nigerians that plans are in motion to stabilize the economy.

Currently, petrol prices across the country range from N950 to N1,300 per liter, depending on the location.

The high cost of fuel has contributed to soaring inflation, with headline inflation standing at 32.15% and food inflation at 37.52% in August 2024.

Despite the challenges, Audu emphasized that Tinubu’s administration is committed to finding lasting solutions that will bring relief to Nigerians in the long run.