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 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 N...