Tope Ajayi, the Senior Special Assistant to President Bola Tinubu on Media and Publicity, affirmed on Tuesday that there are no plans for the administration to reintroduce fuel subsidy.
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Following the recent increase in the landing cost of fuel due to the devaluation of the Naira in the parallel market, there were speculations of a temporary reintroduction of fuel subsidy.
However, Ajayi stated that there is no condition to support any price increment at the moment, and the government is convinced that current pricing can be maintained without reversing the current deregulation policy.
Although removal of petrol subsidy and unification of the naira in both the Import and Export window and parallel markets by the Central Bank of Nigeria have contributed to the surging cost of goods and services, Ajayi insists that the government can tackle inefficiencies in the midstream and downstream petroleum sector to maintain current pricing.
Independent oil marketers, however, have hinted at a possible increase in the cost of fuel due to the product’s rising landing cost.
