In the wake of President Bola Ahmed Tinubu’s Independence Day speech, his Senior Special Assistant on Public Affairs, Aliyu Audu, has explained the President’s silence on the issue of Premium Motor Spirit (petrol) prices.
Audu stated that Tinubu’s focus remains on deregulating the oil and gas sector, rather than offering short-term relief on petrol prices.
During an interview with Channels Television, Audu highlighted that Tinubu is committed to promoting viable alternatives, such as the Compressed Natural Gas (CNG) initiative.
“It shows commitment on the part of Mr President Tinubu in terms of deregulating the petroleum sector,” Audu said.
While acknowledging public expectations for a reduction in petrol prices, especially following the Naira-for-crude deal with Dangote Refinery, Audu made it clear that substantial price cuts were unlikely.
“It doesn’t look like even with the Naira-for-crude scheme the price of petrol will come down a whole lot,” he added.
Audu emphasised that the government’s focus is on transitioning to more sustainable energy sources, including CNG, to address rising living costs.
“Even though that is what Nigerians want to hear, the reality is that we have to seek opportunities to power our vehicles. That is why the government is keen on the CNG initiative,” Audu stated.
As Nigerians continue to grapple with skyrocketing petrol prices, currently ranging between N950 and N1,300 per litre depending on location, the economic pressure is mounting.
In August 2024, inflation reached 32.15%, with food inflation hitting 37.52%. Tinubu, however, has called on Nigerians to remain patient as the government implements long-term measures to ease the economic burden.