The presidency has refuted the insinuation flying around that the administration of President Bola Tinubu was planning to reintroduce any form of fuel subsidy or reverse the deregulation policy, is incorrect.
The clarification follows certain report in some sections of the media that the Federal Government may temporarily be reintroducing fuel subsidy in the face of the increase in the landing cost of the product and skyrocketing price due to the free fall of the naira in the parallel market.
The Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, on his official Twitter account on Tuesday, said there is no condition to support a 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.”