Boma Achenimie 
The President of the Senate, Sen. Godswill Akpabio, has hinted that the Upper Chamber of the National Assembly may intervene in the recent hike in petrol pump prices recently announced by the Nigerian National Petroleum Company Limited (NNPCL).
Sen. Akpabio made this known while fielding questions from state correspondents after Thursday’s plenary session.
Speaking with newsmen, the Senate President said while he has yet to fully assess the situation, the increase is likely a result of the country’s transition to a deregulated petroleum market, where market forces will determine prices.
The Senate President’s remarks come amid growing public concern over rising fuel prices and their impact on the cost of living.
READ ALSO:
- Senate Amends N’W, S’E Devt Commissions’ Acts Over Chair, MD Posts
- Senate Rejects Bill Seeking To Licence Private Investigators
- Sanusi Commends Gov. Yusuf For Paying Attention To Pensioners, Girl Child Education
“It simply means that the government is phasing out subsidies to ensure funds are directed toward other critical areas. So, I don’t expect any further increase in pump prices,” Akpabio explained.
He added that with the deregulation, the NNPCL will cease importing petroleum products, allowing private entities to participate.
As product availability increases, the price is expected to stabilize or even decrease.
“At first, prices may seem to rise, but I believe that with production from the Dangote Refinery and other refineries coming online, the pump price will be more competitive. If necessary, the Senate will step in to address the situation,” Akpabio assured.
