The Senior Special Assistant to the President on Media and Publicity, Tope Ajayi, dismissed rumors on Tuesday of any intentions by President Bola Tinubu’s administration to reintroduce fuel subsidies.

Ajayi took to the social media platform X (formerly known as Twitter) at 6:08 pm WAT to clarify the situation.

He stated, “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.”

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This statement came in response to speculation about a temporary reintroduction of fuel subsidy due to the rising landing cost of fuel caused by the decline of the Naira in the parallel market.

Nigeria has been grappling with rising costs of goods and services since the removal of petrol subsidies and the unification of the naira at both the I and E window and parallel markets by the Central Bank of Nigeria.

Independent oil marketers also hinted at a possible fuel price increase due to the higher landing cost of the product.