- The leadership of the Senate has reacted to the sudden increase in the pump price of petrol announced by the NNPC Limited
- Amid calls for the reversal of the fuel price hike, the Senate on Thursday, October 10, pledged to address Nigerians’ concerns “if the need arises”
- Senate President Godswill Akpabio added that he is yet to make a holistic assessment of the situation but believes that what has happened is owing to deregulation
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
The President of the Senate, Senator Godswill Akpabio, has stated that the Senate will consider intervening in the recent hike in the pump prices of Premium Motor Spirit (PMS), known as petrol, by the Nigerian National Petroleum Company Limited (NNPCL), if the need arises.
Photo credit: The Nigerian Senate
Source: Facebook
Senator Akpabio disclosed to the press on Thursday, October 10, that he is yet to make a holistic assessment of the situation but believes that what has happened is owing to deregulation, Vanguard reported.
He said:
“I haven’t fully assessed the situation regarding the pump price increase, but it’s not exactly an increase—it’s a reflection of deregulation.”
He further added that he expects market forces to determine prices and that the NNPCL will no longer import petroleum products, and the more availability of the products, the cheaper the price.
Speaking further, Akpabio explained that the removal of subsidies means consumers will pay the actual market price of petrol, which could initially feel like an increase.
However, he expressed optimism that once the market stabilizes, particularly with more supply from the Dangote refinery and other sources, prices may reduce, Channels TV reported.
Addressing the issue during the commissioning of the new press centre for Senate correspondents, Akpabio said:
“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.”
Recall that the NNPCL raised the pump price of fuel. Reports show that petrol, which previously sold for N897 per litre in Abuja, now retails at N1,030 per litre.
This represents a 14.8% or N133 rise when compared to the pump price quoted as of September 2024.
The change in pump prices was observed at various NNPCL stations in Abuja.
Read more on fuel price hike here:
Fuel price hike: Nigerians send message to Tinubu
Earlier, Legit.ng reported that fuel prices have increased again at NNPC Limited filling stations across the country as the federal government takes a bold step towards full deregulation
In Abuja, motorists buy fuel as high as N1,030 per litre, while it is slightly cheaper in Lagos at N998 per litre.
Nigerians have taken to social media to react to the latest price adjustment, which is the third in 2024
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Source: Legit.ng
