KEY POINTS
- Senate President Akpabio vows to intervene in the rising prices of fuel if the situation calls for it.
- Deregulation and supply problems have caused the current price hike in PMS.
- Akpabio believes that prices will come down once supply from refineries such as Dangote comes in.
Senate President, Godswill Akpabio has however told Nigerians that the Senate will look into the matter and may consider coming to the aid of Nigerians if the price of petrol increase continue to rise as it is currently doing.
This comes after the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of the Premium Motor Spirit (PMS) to above N1, 000 per litre in Abuja and Lagos.
Akpabio says senate will step in if necessary on fuel price hike
Akpabio while speaking during the commissioning of the new Press Centre for Senate Correspondents said that it is as a result of the deregulation of the petroleum sector.
He said that because the government recently removed the fuel subsidies, consumers are now paying market prices for petrol, which may seem like a rise but is a move towards liberalisation.
Price stability when supply is boosted
The Senate President was hopeful that the prices of fuel will come down as supply rises especially with the coming on stream of the Dangote refinery and other refineries.
Initially, the cost may appear higher, but with the production of Dangote and other refineries, as well as, market competition, we might witness price drop, Akpabio said.
He expressed the confidence that the Senate would watch the development and act if necessary, saying that the focus remains on not overtaxing Nigerians as prices rise.
According to Vanguard, in his remarks, Akpabio called on the journalists to report facts and do so in a manner that would help build Nigeria. He reiterated the Senate’s support for laws that would help enhance the country’s prospects and make life better for every citizen.
