TheCable

President Muhammadu Buhari has promised Nigerians that there would be no increase in the pump price of petrol.

There have been fears that the government may put an end to the fuel subsidy, resulting to increase in the cost of fuel.

But speaking on Tuesday when he presented the 2016 budget to the joint session of the national assembly, Buhari said the price would remain at N87 “for now”.

“Indeed tough decisions will have to be made but this does not necessarily mean increasing the level of pain already being experienced by most Nigerians,” he said.

“I have directed the Petroleum Products Pricing Regulatory Agency (PPPRA) to adjust its pricing template to reflect competitive and market driven components. We believe this can lower input costs and attain efficiency savings that will enable PPPRA to keep the selling price for all marketers of petrol at N87 per liter for now.

“The current fuel scarcity with long queues at petrol stations all over the country causing social dislocation is very unfortunate. Government profoundly apologises to Nigerians for this prolonged hardship and misery.

“It is as a result of market speculators and resistance to change by some stakeholders. Government is working very hard to end these shortages and bring fuel to the pumps all over the country.”