He said this in a chat with newmen at his Bourdillon residence in the highbrow Ikoyi area of the state.
Tinubu said that the removal of the petrol subsidy some 18 months ago increased competition within the sector and that the pump price of petrol gradually crashed.
The All Progressives Congress, APC, chieftain also said he does not believe in price control.
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Nigeria, Africa’s most populous nation, faces energy challenges, with all its state-owned refineries non-operational. The country is heavily reliant on imported refined petroleum products, with the state-run NNPC being the major importer of the essential commodities.
Fuel queues are commonplace in the country. Prices of petrol soared since the removal of subsidy in May 2023, from around N200/litre to over N1,000/litre, compounding the woes of the citizens who power their vehicles, and generating sets with petrol.
The government simultaneously unified forex windows, with the value of the naira nosediving terribly from $1/N700 to over $1/1600 at the parallel market. Prices of food and basic commodities immediately climbed through the roof as Nigerians battled attendant inflation.