Akpabio speaks on new fuel price

Senate President Godswill Akpabio has guaranteed that Nigerians will not face any further increases in fuel prices.

Akpabio said the Nigerian National Petroleum Company Limited (NNPCL) has ended its exclusive purchase agreement with Dangote Refinery.

This change will enable other marketers to procure fuel directly from the refining facilities.

Mr. Akpabio made this statement during the inauguration of the upgraded Senate Press Corps Centre at the National Assembly in Abuja on Thursday.

He said, “I don’t expect any increase in pump price. I will expect the market forces to determine. And I expect that now that the NNPCL is no longer going to bring petroleum products into the country, it means those who have the capacity will bring. And you know, the more the product is available, the cheaper the price.

“So, at the beginning, if I look at the increase. I believe strongly that in the next… with the production from Dangote and the other refineries, when they become functional, and they found that it is now open to all, they will bring in good products into the country.

“I can assure you that you may not even see pump prices. If there is an increase in pump prices, we will access it, and if there is a need for us to intervene, we will do so.

“If you look at it, actually, what is happening is not compromising, it is deregulation. If you are taking away the consumer subsidy, and then you want people to pay for the actual price of what they consume, it means if you have five cars, you will now use one or two. You understand? It simply means that you are going to stop the idea of subsidy in order to make sure that the monies are used for other things”