Fuel price reduction: Why fixing petrol at N1,350/litre not subsidy reintroduction – Oyedele

Minister of Finance, Taiwo Oyedele, has explained that fixing the gantry terms of petrol astatine N1,350 per litre astatine Nigerian National Petroleum Company Limited, NNPCL, filling stations nationwide is not a reintroduction of petrol subsidy.

He made this disclosure connected Thursday during a property briefing successful Abuja.

According to him, home substance pump prices should not beryllium impacted by each plaything successful planetary crude lipid prices oregon the speech rate.

“So, it’s not a subsidy; authorities is conscionable saying we merchantability to you astatine cost,” helium explained, adding that the determination is aimed astatine keeping substance prices stable.

DAILY POST reports that Oyedele announced a fixed N1,350 per litre substance terms for a 30-day play astatine NNPCL filling stations connected Thursday.

The improvement has attracted mixed reactions, arsenic immoderate Nigerians described it arsenic a instrumentality of substance subsidy.

The statesmanlike campaigner of the African Democratic Congress (ADC) and erstwhile Vice President, Atiku Abubakar, described the determination arsenic a hopeless and impermanent measurement that cannot repair the harm caused by economical hardship faced by Nigerians.

The statesmanlike campaigner of the African Action Congress (AAC), Omoyele Sowore, successful absorption to the 30-day substance terms reduction, accused the Tinubu authorities of copying his substance subsidy proposal.

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