FUEL HIKE: NO PLANS TO RE-INTRODUCE FUEL SUBSIDY, PRESIDENCY

 NO PLANS TO RE-INTRODUCE FUEL SUBSIDY, PRESIDENCY

• Unconfirmed sources had on Monday claimed President Bola Tinubu was considering a “temporary subsidy” on petrol as crude oil prices and foreign exchange rates continue to soar,

This is as the Independent Petroleum Marketers Association of Nigeria (IPMAN) hinted that the cost of petrol could rise again amid a foreign exchange crisis.

The Presidency, however speaking through the Senior Special Assistant to the President on Media and Publicity, Tope Ajayi on Tuesday debunked the claims of any plans by the administration of President Bola Tinubu to reintroduce fuel subsidy.

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.”

Nigerians have continued to grapple with the soaring costs of goods and services due to the removal of the subsidy on petrol and the unification of the Naira by the Central Bank of Nigeria.

Labour unions have threatened to embark on an indefinite strike if the petrol price further surges.