This follows the warning by some oil marketers that the price of petrol would rise again for the third time since the president resumed office late May. They said this is due to Nigeria's foreign exchange crisis.

But the president's spokesman, Ajuri Ngelale, told BBC News that Mr Tinubu and the industry stakeholders are convinced that they can maintain current pricing without "reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream petroleum sector".

Similarly, Nigeria’s state oil company, NNPC, posted a statement online, explaining that "we do not have the intention to increase our pump prices as widely speculated".

The naira has continued to experience a free fall at the foreign exchange market since the government unified the exchange rates, causing the cost of getting fuel to the customer to rise recently.

Since the removal of the fuel subsidy, Nigerians have been facing rising costs of food items and increased transportation fares amid high inflation rates.