Senate President Godswill Akpabio has indicated that the Senate may step in regarding the recent increase in petrol prices set by the Nigerian National Petroleum Company Limited (NNPCL) if necessary. Speaking to reporters after a plenary session, Akpabio noted that he has not yet completed a comprehensive assessment of the situation but attributes the price hike to deregulation.
He explained that deregulation means moving away from subsidies to allocate funds for other purposes, which he did not anticipate would lead to further increases in pump prices. Akpabio expressed confidence that market forces would dictate prices going forward and mentioned that the NNPCL would cease importing petroleum products. He believes that greater availability of products will eventually lower prices.
He stated, "Initially, prices may rise, but I am optimistic that with production from Dangote Refinery and other refineries coming online, along with the open market for product importation, we may not see significantly higher pump prices. Therefore, let's not focus solely on the current increase. We will monitor the situation and intervene if necessary