No plans to reintroduce Petrol Subsidy – Presidency

The Presidency has dismissed reports of plans to temporarily re-introduce petrol subsidy.

The Senior Special Assistant to the President on Media and Publicity, Tope Ajayi in a tweet, said the President Bola Tinubu-led administration will “maintain current pricing without reversing the deregulation policy”.

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… pic.twitter.com/PAZtQUTwjr

— Temitope Ajayi (@TheTope_Ajayi) August 15, 2023

The clarification comes after reports said the government was considering a short-term reintroduction of fuel subsidy due to the increment in the landing cost of petrol and the sharp devaluation of the Naira in the parallel market.

Just recently, Kenya re-introduced subsidies on petrol, kerosene and diesel, after a sharp hike in the cost of living for many of its citizens.