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Godswill Akpabio, the President of the Senate, has declared that the Senate is prepared to step in regarding the recent increase in petrol pump prices imposed by the Nigerian National Petroleum Company Limited (NNPCL) should the situation necessitate intervention.
When questioned by Senate correspondents following the plenary meeting, Senator Akpabio revealed that he has not yet performed a detailed analysis of the situation, but he attributes the recent developments to the effects of deregulation.
“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,” he said.
Additionally, he expressed his belief that market forces should dictate pricing, stating that the NNPCL will stop importing petroleum products altogether. He highlighted that as the supply of these products increases, consumers can expect to see a drop in prices.
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He said, “So, at the beginning, it may seem to be increasing but I believe strongly that with the production from Dangote (Refinery) and then the other refineries when they become functional and the fact that it is now open to all to bring in products into the country, I can assure you that we may not even see higher pump prices.
“So, please let’s not dwell on the increase in pump price. We will assess it and if there is a need for us to intervene we will intervene.”
