Senate President Addresses Fuel Price Stability and Potential Intervention
Senate President Godswill Akpabio assured Nigerians that fuel prices would remain stable following the Nigerian National Petroleum Company Limited’s (NNPC Ltd) decision to end its exclusive purchase agreement with Dangote Refinery. This move allows other marketers to buy fuel directly from the refinery, which Akpabio believes will lead to a steadier supply and potentially lower prices.
Speaking at the commissioning of the renovated Senate Press Corps Centre in Abuja, Akpabio noted that the increased fuel availability should stabilize prices, as the market forces of supply and demand will now have a more significant role. He added that if there is another rise in pump prices, the National Assembly may consider intervention.
Akpabio also explained that deregulation and the removal of subsidies are intended to reflect the true cost of fuel, suggesting that the funds previously used for subsidies could now be redirected to other priorities.
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