Senate President Godswill Akpabio has announced that the Senate will assess the recent hike in petrol prices and intervene if necessary. Speaking after a Senate plenary session, Akpabio noted that the current increase in pump prices, as set by the Nigerian National Petroleum Company Limited (NNPCL), is likely a result of deregulation efforts aimed at eliminating fuel subsidies.
Akpabio explained that with the removal of subsidies, market forces are now responsible for determining fuel prices. However, he expressed optimism that the situation would stabilize as more refineries, such as the Dangote Refinery, begin production, potentially lowering the cost of petrol over time.
He added, “At the beginning, prices may increase, but with increased production and availability, prices are expected to drop. If the situation requires intervention, the Senate will step in.”
