President Bola Tinubu has no plans to reintroduce any form of fuel subsidy or reverse the deregulation policy, the Federal Government declared on Tuesday.
The clarification is contained in a tweet issued by the Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, on his official Twitter account.
Ajayi explained that there is no condition to support fuel price increase at this time.
Ajayi said, “There is no plan to reintroduce any form of fuel subsidy. There is no condition to support any increase in prices at this time. President Tinubu is convinced based on information before him that we can maintain current pricing without reversing the current deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector.”
This is also coming less than 24 hours after the Nigerian National Petroleum Company (NNPC) Limited said that it is not planning to increase fuel pump prices at its retail stations.
The oil firm in its statement on its Twitter account said, “Dear esteemed customers, we at NNPC Retail value your patronage, and we do not have the intention to increase our PMS pump prices as widely speculated. Please buy the best quality products at the most affordable prices at our NNPC Retail Stations nationwide.”
Also, President Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, noted that the market has been deregulated and will remain so.
He emphasized that government would address the inefficiencies within the midstream and downstream petroleum subsectors to maintain prices where they are without having to resort to a reversal of the administration’s policy in the petroleum industry.
