President Bola Ahmed Tinubu has stated that Nigerians enjoy the most economical fuel prices in West Africa. Aguri Ngelale, the Special Adviser to the President, shared this information on Tuesday, clarifying that the president assured there would be no upward adjustment to the fuel pump price.

This clarification from the presidency comes in response to rumors circulating about potential increases in fuel pump prices due to the rising landing cost, which has been impacted by the depreciation of the Naira against the Dollar.

Tinubu pointed out that Nigeria stands alone as the country selling fuel at below N700 per litre. He cited price comparisons with neighboring nations, such as Senegal, Guinea, Côte d'Ivoire, Mali, and the Central African Republic, which have considerably higher pump prices than Nigeria. According to Tinubu, Nigeria's current fuel prices range between N568 and N630 per litre, making it the most cost-effective choice within the West African sub-region.

The Nigerian National Petroleum Corporation Limited also confirmed that there are no intentions to increase fuel pump prices. In light of potential price hikes, the Nigeria Labour Congress has warned of an immediate strike.

Within a span of two months, fuel pump prices in Nigeria have been revised twice, ultimately reaching N617 per litre after the removal of subsidies.