Senate to assess, intervene in fuel price hike if necessary – Akpabio
Senate President, Godswill Akpabio,has indicated that the Senate is ready to intervene in the recent increase in petrol pump prices set by the Nigerian National Petroleum Company Limited (NNPCL), should the need arise.
Addressing Senate correspondents after a plenary session, Akpabio stated that he has yet to make a comprehensive assessment of the price hike but believes it is a result of the ongoing deregulation in the petroleum sector.
He explained that deregulation involves removing subsidies to allow market forces to dictate prices, ultimately aiming to reallocate funds for other uses.
“It simply means that you are going to stop the idea of subsidy to make sure that the monies are used for other things.
So I don’t expect any increase in pump price,” Akpabio commented, emphasizing that the NNPCL will no longer be importing petroleum products directly.
Akpabio noted that while pump prices might initially seem to rise, he expects the market to stabilize as local production ramps up.
READ ALSO: NNPC raises fuel prices to ₦1,030/litre in Abuja, ₦998/litre in Lagos
He cited the upcoming operations of the Dangote Refinery and other refineries, predicting that greater availability of petroleum products could lead to lower prices over time.
“So, at the beginning, it may seem to be increasing, but I believe strongly that with the production from Dangote (Refinery) and then the other refineries when they become functional, and the fact that it is now open to all to bring in products into the country, I can assure you that we may not even see higher pump prices,” he added.
Akpabio reassured the public, saying, “Please, let’s not dwell on the increase in pump price. We will assess it, and if there is a need for us to intervene, we will intervene.”
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