Minister of Finance, Taiwo Oyedele, has explained that fixing the gantry price of petrol at N1,350 per litre at Nigerian National Petroleum Company Limited, NNPCL, filling stations nationwide is not a reintroduction of petrol subsidy.
He made this disclosure on Thursday during a press briefing in Abuja.
According to him, domestic fuel pump prices should not be impacted by every swing in global crude oil prices or the exchange rate.
“So, it’s not a subsidy; government is just saying we sell to you at cost,” he explained, adding that the move is aimed at keeping fuel prices stable.
DAILY POST reports that Oyedele announced a fixed N1,350 per litre fuel price for a 30-day period at NNPCL filling stations on Thursday.
The development has attracted mixed reactions, as some Nigerians described it as a return of fuel subsidy.
The presidential candidate of the African Democratic Congress (ADC) and former Vice President, Atiku Abubakar, described the move as a desperate and temporary measure that cannot repair the damage caused by economic hardship faced by Nigerians.
The presidential candidate of the African Action Congress (AAC), Omoyele Sowore, in reaction to the 30-day fuel price reduction, accused the Tinubu government of copying his fuel subsidy proposal.
DAILY POST reports that Dangote Refinery’s gantry price stood at N1,350 per litre, while retail petrol pump prices in Abuja and its environs were N1,370 per litre at NNPCL and MRS filling stations.
Fuel price reduction: Why fixing petrol at N1,350/litre not subsidy reintroduction – Oyedele