The President Bola Tinubu-led government says that there are no plans to increase the pump price of fuel as it hints at the return of partial subsidy.
News About Nigeria reports that NTA in a tweet on Tuesday said that the president was convinced that Nigeria could maintain the current pump price of fuel without reversing deregulation policy.
“The presidency says there is no increase in petroleum product prices at this time as the President is convinced based on the information before him that, Nigeria can maintain current pricing without reversing our deregulation policy by swiftly cleaning up existing inefficiencies within the midstream and downstream Petroleum sector,” NTA’s tweet read.
The federal government’s comment comes just as economic experts continue to project a further increase in the pump price of fuel as the country’s currency continues to plummet at the forex market.
Earlier reports had suggested that the president was considering a reintroduction of partial subsidy as the government seeks to stabilize the pump price of fuel.
Recall that President Tinubu had while assuming office as the country’s president affirmed the end to fuel subsidies, the president also ended the multiple exchange rate era; a move that has adversely affected the pump price of fuel.
However, Kelechukwu Ogu an economic expert who spoke with News About Nigeria on the move by the Tinubu-led government to stabilize fuel prices in the country said that stability could only come if the government re-introduces partial subsidy as market forces like forex were responsible for determining the pump price fuel.