Akpabio Advises Nigerians To Prioritize Growth Amid Fuel Price Concerns

Akpabio Advises Nigerians To Prioritize Growth Amid Fuel Price ConcernsSenate President Godswill Akpabio has stated that the Senate may intervene in the current increase in petrol pump prices set by the Nigerian National Petroleum Company Limited (NNPCL). He made this known while speaking to state correspondents after Thursday’s plenary.....KINDLY READ THE FULL STORY HERE▶

Akpabio noted that while the Senate will step in if necessary, he has not yet conducted a full assessment of the situation. He attributed the price hike to the effects of deregulation.

“This means the end of subsidies, allowing the funds to be used for other purposes. Therefore, I don’t foresee any further increase in pump prices,” Akpabio said.

He added that market forces will now determine fuel prices, and with NNPCL no longer importing petroleum products, increased availability should lead to lower costs. Akpabio pointed to production from the Dangote Refinery and other refineries becoming operational as key factors in reducing prices.

“At first, prices may seem to rise, but I believe that with more supply from various sources, we will not see higher pump prices in the long run,” he assured. “Let’s not focus too much on the current increase. We will assess it, and if intervention is necessary, we will take action.

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